Chicago, Jan. 26 – SVB Financial Group sold $750 million depositary shares representing series B non-cumulative perpetual preferred stock, according to a 424B2 filing with the Securities and Exchange Commission.
SVB also sold $500 million of 1.8% senior notes due 2031 on Tuesday.
Goldman Sachs & Co. LLC and BofA Securities, Inc. are the joint bookrunners of the preferred stock offering.
Dividends are payable quarterly on Feb. 15, May 15, Aug. 15 and Nov. 15 of each year, beginning on May 15.
The preferreds are redeemable on or after Feb. 15, 2031 at par. Prior to that, the preferreds are redeemable within 90 days after a regulatory capital treatment event.
SVB plans to use the proceeds for general corporate purposes, which may include working capital, capital investments and expenditures, supporting capital ratios at the bank and capitalizing other operating subsidiaries allowing continued support of bank clients.
Neither shares of the series B preferred stock nor the depositary shares will be listed on any securities exchange or automated quotation system.
SVB is a Santa Clara, Calif.-based diversified financial services company.
Rebecca Melvin contributed to this story.
| Issuer: | SVB Financial Group
|
| Amount: | $750 million, or 750,000 shares
|
| Maturity: | Perpetual
|
| Securities: | Series B non-cumulative perpetual preferred stock
|
| Bookrunners: | Goldman Sachs & Co. LLC and BofA Securities, Inc.
|
| Co-manager: | SVB Leerink LLC
|
| Call option: | After Feb. 15, 2031 at par; prior to that within 90 days of a regulatory capital treatment event
|
| Pricing date: | Jan. 26
|
| Settlement date: | Feb. 2
|
| Distribution: | SEC registered
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
