PrivateBancorp greenshoe exercised in full, lifts 10% 60-year trust preferred securities to $143.75 million

By Devika Patel

Knoxville, Tenn., May 30 - Underwriters for PrivateBancorp Capital Trust IV's 10% 60-year trust preferred securities exercised their over-allotment option in full for 750,000 more securities, or $18.75 million, increasing the size of the issue to $143.75 million, the company said in an 8-K filed Friday with the Securities and Exchange Commission.

As previously reported, PrivateBancorp sold the securities at par of $25.00 on May 16 via bookrunners 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 securities are callable beginning June 15, 2013 at par.

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.

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