PreferredStockChannel
Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Sun, August 14, 7:59 PM
| This Slide: #16 of 582 |
Slide #16. SVB Financial Group — Preferred Stock Offering
Company:
SVB Financial Group (NASDAQ:SIVB)
Date announced:
10/25/2021
Shares Offered:
600,000
Date of Pricing:
10/25/2021
Price Per Share:
$1,000.00
Preferred Stock Offering Details:
SVB Financial Group ("SVB") (NASDAQ: SIVB) today announced the pricing of an underwritten offering of 1,000,000 depositary shares, each representing a 1/100th interest in a share of its Series D Non-Cumulative Perpetual Preferred Stock ("Series D Preferred Stock"), liquidation amount $100,000 per share (equivalent to $1,000 per depositary share) at an aggregate offering price of $1 billion and an underwritten offering of 600,000 depositary shares, each representing a 1/100th interest in a share of its Series E Non-Cumulative Perpetual Preferred Stock ("Series E Preferred Stock"), liquidation amount $100,000 per share (equivalent to $1,000 per depositary share) at an aggregate offering price of $600 million. Dividends will accrue on the Series D Preferred Stock at a rate per annum equal to (i) 4.250% from the original issue date of the Series D Preferred Stock to, but excluding, November 15, 2026, and (ii) the five-year treasury rate as of the most recent reset dividend determination date plus 3.074% for each reset period from, and including, November 15, 2026. Dividends will accrue on the Series E Preferred Stock at a rate per annum equal to (i) 4.700% from the original issue date of the Series E Preferred Stock to, but excluding, November 15, 2031, and (ii) the ten-year treasury rate as of the most recent reset dividend determination date plus 3.064% for each reset period from, and including, November 15, 2031. Dividends will be payable quarterly in arrears, only when, as and if declared by SVB's board of directors (or a duly authorized committee of the board).
SVB Financial Group is a bank holding company. Through its subsidiary, Silicon Valley Bank, Co. provides commercial and private banking products and services. Co.'s segments are: Global Commercial Bank, which is comprised of Commercial Bank, Global Funds Banking Division, SVB Wine and Debt Fund Investments; SVB Private Bank, which provides private wealth management and private banking services, including mortgages, home equity lines of credit, and restricted stock purchase loans; SVB Capital, which is the venture capital investment arm of Co.; and SVB Leerink, which provides investment banking services across subsectors of healthcare including biotechnology and medical devices.
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Avg. Broker Rec.
 
|
Buy (3.33 out of 4) 43rd percentile
(ranked lower than approx. 57% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com |
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