PrivateBancorp (PVTB) Announces $175M Offering of Common Stock
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PrivateBancorp, Inc. (NASDAQ: PVTB) today announced it has commenced an underwritten public offering of $175 million of its common stock. The net proceeds from the offering will qualify as tangible common equity and Tier 1 capital and will be used to further capitalize our banks in order to support continued growth and for working capital and other general corporate purposes, including possible FDIC-assisted acquisition transactions. In addition, upon completion of this offering, we will be eligible to request that the U.S. Department of the Treasury reduce the number of shares of our common stock issuable upon exercise of the warrant held by the U.S. Treasury by 50% to 645,013 shares.
J.P. Morgan Securities Inc. is the sole book-running manager for the offering. SunTrust Robinson Humphrey, Inc. is lead manager. Robert W. Baird & Co. Incorporated, William Blair & Company, L.L.C., and Keefe, Bruyette & Woods, Inc. are co-managers.
The Company intends to grant the underwriters a 30-day option to purchase up to an additional 15 percent of the shares offered to cover over-allotments, if any.
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