Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Sat, April 1, 4:30 PM
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Slide #4. SVB Financial Group — Preferred Stock Offering
SVB Financial Group (NASDAQ:SIVB)
Preferred Stock Offering Details:
SVB Financial Group ("SVB") (NASDAQ: SIVB), announced today that it intends to offer $1.25 billion of its common stock and $500 million of depositary shares, consisting of 10 million depositary shares each representing a 1/20th interest in a share of its Series F Mandatory Convertible Preferred Stock ("Preferred Stock"), liquidation preference $1,000 per share (equivalent to a liquidation preference of $50 per depositary share), in separate underwritten registered public offerings. In addition, prior to commencing the offerings, SVB entered into a subscription agreement with General Atlantic, a leading global growth equity investor, to purchase $500 million of common stock at the public offering price in the offering of common stock in a separate private transaction. The subscription agreement with General Atlantic is contingent on the closing of the offering of common stock and is expected to close shortly thereafter. SVB also intends to grant (i) the underwriters in the common stock offering an option to purchase up to an additional $187.5 million of common stock and (ii) the underwriters in the Preferred Stock offering an over-allotment option to purchase up to an additional $75 million, or 1.5 million depositary shares in the Preferred Stock offering. SVB intends to use the net proceeds from the offerings for general corporate purposes. The consummation of each offering is not contingent upon the consummation of the other offering.
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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Buy (2.65 out of 4)
(ranked higher than approx. 100% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com