PrivateBancorp holders put back nearly all 3.625% convertibles

By Angela McDaniels

Tacoma, Wash., March 23 - PrivateBancorp, Inc. said holders put back $112.2 million principal amount of its $115 million 3.625% contingent convertible senior notes due 2027 on March 15.

The company repurchased the put convertibles for par plus accrued interest on March 16, according to an 8-K filing with the Securities and Exchange Commission. The payment was funded with cash on hand.

Following the repurchase, $2.8 million principal amount of the convertibles remains outstanding. The company has the option to redeem all or a portion of these convertibles at par plus accrued interest.

PrivateBancorp, a Chicago-based diversified financial services company, said it expected most or all of the convertibles to be put back based on their coupon rate relative to current market interest rates for long-term bonds and inquiries some noteholders had made about redeeming their notes for cash.

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