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PrivateBancorp might offer $125 million subordinated debt securities
By Jennifer Chiou
New York, Oct. 10 - PrivateBancorp, Inc. announced that it intends to launch a public offering of $125 million principal amount of its subordinated debt securities in the near future.
According to a news release, the company has begun an underwritten public offering of $75 million of common stock with Goldman Sachs & Co. and Morgan Stanley & Co. LLC as joint bookrunning managers. Wells Fargo Securities LLC is acting as co-lead manager.
The stock offering and debt offering are not contingent on the completion of the other.
Proceeds from the issues, together with existing cash resources, are earmarked to redeem all $243.8 million of preferred stock that the company issued to the Department of the Treasury under its Troubled Asset Relief Program.
The bank holding company is based in Chicago.
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