PrivateBancorp to call 7.125% debentures due 2042, trust preferreds

By Marisa Wong

Morgantown, W.Va., June 12 – PrivateBancorp, Inc. said it plans to call all of its outstanding 7.125% subordinated debentures due 2042 for redemption on Oct. 30.

The redemption price will be par plus accrued interest to the redemption date.

The company also plans to call all of its debentures related to the trust preferred securities issued through PrivateBancorp Capital Trust IV for redemption on July 24 at par plus accrued interest.

The anticipated redemptions are in connection with PrivateBancorp’s acquisition by Canadian Imperial Bank of Commerce, which is expected to close on June 23, according to a press release.

PrivateBancorp said it also expects to call all of its other series of outstanding trust preferred securities in connection with the CIBC acquisition.

The bank holding company is based in Chicago.

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