PrivateBancorp Announces Pricing of $125M Subordinated Debentures Offering

PrivateBancorp

today announced that it priced its previously announced underwritten public offering of $125 million in aggregate principal amount of its 7.125 percent subordinated debentures due 2042. Morgan Stanley and Wells Fargo Securities acted as joint book-running managers for the offering. The Company intends to use the 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. This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the Company's securities, nor will there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Offers may be made only by means of the prospectus supplement and the related prospectus.