By Andrea Heisinger
Omaha, May 16 - PrivateBancorp Capital Trust IV priced $125 million, or 5 million, 10% 60-year trust preferred securities, according to an FWP filing with the Securities and Exchange Commission.
Price talk for the issue was in the 10% area.
The securities are priced at par of $25 and are callable beginning June 15, 2013 at par.
There is an over-allotment option of $18.75 million, or 750,000 securities, to be used within 30 days.
Bookrunners were Stifel, Nicolaus & Co., Inc. and RBC Capital Markets Corp.
Co-lead manager was Robert W. Baird & Co., Inc. with co-managers Raymond James & Associates Inc., William Blair & Co., LLC and Keefe, Bruyette & Woods Inc.
The preferreds will be listed on the Nasdaq Global Select Market under the symbol "PVTBP."
Proceeds will be invested in debentures issued by the company, which it intends to use to further capitalize its bank subsidiaries to support continued growth. They will also be used for general corporate purposes.
The financial services company is based in Chicago.
| Issuer: | PrivateBancorp Capital Trust IV
|
| Guarantor: | PrivateBancorp Inc.
|
| Issue: | Trust preferred securities
|
| Amount: | $125 million (5 million securities)
|
| Greenshoe: | $18.75 million (750,000 securities)
|
| Maturity: | June 15, 2068
|
| Bookrunners: | Stifel, Nicolaus & Co., Inc., RBC Capital Markets Corp.
|
| Co-lead manager: | Robert W. Baird & Co., Inc.
|
| Co-managers: | Raymond James & Associates Inc., William Blair & Co., LLC, Keefe, Bruyette & Woods Inc.
|
| Dividend: | 10%
|
| Price: | Par of $25
|
| Call: | Beginning June 15, 2013 at par
|
| Trade date: | May 15
|
| Settlement date: | May 22
|
| Distribution: | SEC registered
|
| Price talk: | 10% area
|
| Listing: | NasdaqGS: PVTBP
|
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