PrivateBancorp Reports $125M Debt Offering; Will Use Proceeds to Repay TARP

PrivateBancorp, Inc.

today announced that it has commenced an underwritten public offering of $125 million in aggregate principal amount of its subordinated debentures due 2042.  Morgan Stanley and Wells Fargo Securities are acting as joint book-running managers for the offering.  The Company intends to use the anticipated net proceeds from the offering, together with net proceeds from its recently priced underwritten public offering of $75 million of its common stock 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.