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Silvergate to sell series A non-cumulative perpetual preferreds
By Rebecca Melvin
Concord, N.H., July 28 – Silvergate Capital Corp. is pricing an offering of $25-par series A fixed-rate non-cumulative perpetual preferred stock, according to a 424B5 filing with the Securities and Exchange Commission.
Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Keefe, Bruyette & Woods and UBS Securities LLC are the bookrunners.
Dividends are payable on Feb. 15, May 15, Aug. 15 and Nov. 15, starting on Nov. 15, 2021.
The preferreds are redeemable on or after Aug. 15, 2026 at par. Prior to that, the preferreds are redeemable within 90 days after a regulatory capital treatment event.
Silvergate Capital plans to use the proceeds for general corporate purposes.
The company plans to list the preferreds on the New York Stock Exchange under the symbol “SIPrA.”
The bank holding company is based in La Jolla, Calif.
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