Pacific Capital registers $207.73 million TARP preferreds, warrants for trading

By Susanna Moon

Chicago, Dec. 19 - Pacific Capital Bancorp registered the $180,634,000 of fixed-rate cumulative perpetual preferred stock it sold to the U.S. Treasury under the Troubled Asset Relief Program for public trading in an S-3 shelf registration with the Securities and Exchange Commission.

Also covered under the registration is up to $27.1 million of warrants to purchase 1,512,003 common shares.

The preferreds pay cumulative dividends at 5% per year until Nov. 21, 2013, after which they step up to 9%.

Pacific Capital may not redeem the preferreds before Feb. 15, 2012 unless it has raised $45,158,500, or 25% of the liquidation amount of the preferreds, from stock offerings. After Feb. 15, 2012, the company may redeem the preferreds at par plus accrued interest.

The Santa Barbara, Calif.-based company said it will not receive any proceeds from the sale of the securities.

Issuer:	Pacific Capital Bancorp
Issue:	Series B preferred stock
Amount:	$207,729,094
Maturity:	Perpetual
Dividend:	5%, steps up to 9% after Nov. 21, 2013
Call:	Before Feb. 15, 2012 if it raises $45,158,500 from stock offerings; after Feb. 15, 2012 at par plus accrued interest
Warrants:	For 1,512,003 shares
Warrant strike price:	$17.92
Warrant expiration:	Nov. 21, 2018

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