PreferredStockChannel
Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Sat, April 1, 4:30 PM
| This Slide: #33 of 609 |
Slide #33. SVB Financial Group — Preferred Stock Offering
Company:
SVB Financial Group (NASDAQ:SIVB)
Date announced:
10/25/2021
Shares Offered:
1,000,000
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 is a bank holding company. Through its subsidiary, Silicon Valley Bank (the Bank), Co. provides commercial and private banking products and services. The Bank and its subsidiaries also provide asset management, private wealth management and other investment services. Co.'s segments are: Global Commercial Bank, which is comprised of Commercial Bank, Global Fund Banking Division, and SVB Wine; SVB Private Bank, which provides private wealth management and private banking services; SVB Capital, which is the venture capital and credit investment arm of Co.; and SVB Securities, which provides investment banking services across various sub-sectors of Healthcare and Technology.
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Avg. Broker Rec.
  
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Buy (2.65 out of 4) 100th percentile
(ranked higher than approx. 100% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com |
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