By Stephanie N. Rotondo
Phoenix, Oct. 11 - PrivateBancorp Inc. priced $125 million of 7.125% subordinated debentures due Oct. 30, 2042 at par of $25, the company said in a press release on Thursday.
The bonds priced richer than talk for a coupon of 7.375% to 7.5%.
Joint bookrunners are Morgan Stanley & Co. Inc. and Wells Fargo Securities LLC.
PrivateBancorp will apply to list the notes on the New York Stock Exchange under the ticker symbol "PVTD."
The company can redeem the notes on or after Oct. 30, 2017.
Interest will be paid quarterly beginning Jan. 30, 2013.
Proceeds, along with funds raised from a $75 million stock sale, will be used to redeem $243.8 million of series B fixed rate cumulative preferreds that were issued to the U.S. Department of the Treasury under the Troubled Asset Relief Program.
PrivateBancorp is a bank holding company based in Chicago.
| Issuer: | PrivateBancorp Inc.
|
| Securities: | Subordinated debentures
|
| Amount: | $125 million
|
| Maturity: | Oct. 30, 2042
|
| Coupon: | 7.125%, payable quarterly beginning Jan. 30, 2013
|
| Talk: | 7.375% to 7.5%
|
| Price: | Par of $25
|
| Yield: | 7.125%
|
| Call option | At par on or after Oct. 30, 2017
|
| Bookrunners: | Morgan Stanley & Co. Inc. and Wells Fargo Securities LLC
|
| Co-managers: | Robert W. Baird & Co. Inc., RBC Capital Markets, LLC, Raymond James & Associates, Inc., Stifel, Nicolaus & Co., Inc.
|
| Pricing date: | Oct. 11
|
| Settlement date: | Oct. 18
|
| Expected listing: | NYSE: PVTD
|
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