PrivateBancorp Announces Prices Offering at $15.75/Share
PrivateBancorp (NASDAQ: PVTB) today announced that it priced its previously announced underwritten public offering of common stock at a price to the public of $15.75 per share, for $75 million in aggregate gross proceeds. Goldman, Sachs & Co. and Morgan Stanley acted as joint book-running managers and Wells Fargo Securities acted as co-lead manager for the offering.
The Company intends to use the net proceeds from the offering, together with net proceeds from an anticipated public offering of subordinated debt securities that the Company expects to commence in the near future and existing cash resources, to redeem all $243.8 million of preferred stock that the Company issued to the U.S. Department of Treasury under its Troubled Asset Relief Program (TARP) Capital Purchase Program. The redemption of the TARP preferred stock is subject to consummation of the offerings and the approval of the Federal Reserve.