Wintrust greenshoe exercised; 7.5% equity units up to $126.5 million

By Tali David

Minneapolis, March 15 - Underwriters for Wintrust Financial Corp.'s offering of non-cumulative perpetual convertible preferred stock, series C, exercised their over-allotment option in full for $16.5 million more of the preferreds, or 16,500 shares, the company announced in a press release.

This increases the size of the issue to $126.5 million, or 126,500 shares.

Wintrust initially sold $110 million of the units on Wednesday. The securities were priced to yield 5% with a 17.5% initial conversion premium.

RBC Capital Markets and Bank of America Merrill Lynch are joint bookrunners, and Sandler O'Neill + Partners, LP and Wells Fargo Securities are co-managers.

Proceeds will be used for general corporate purposes, which may include, without limitation, investments at the holding company level, providing capital to support company growth, acquisitions or other business combinations, including FDIC-assisted acquisitions. Proceeds will also go toward reducing or refinancing existing debt.

Wintrust is a Lake Forest, Ill.-based financial holding company.

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