By Devika Patel
Knoxville, Tenn., Aug. 26 - Wintrust Financial Corp. said it raised $50 million in a private placement of non-cumulative perpetual convertible preferred stock with funds controlled by CIVC Partners.
Dividends are payable quarterly in arrears at a rate of 8% per annum.
The preferreds are convertible into common stock at $27.38 per share. On and after Aug. 26, 2010, the preferreds will be subject to mandatory conversion into common stock under certain circumstances.
The company said the additional capital will further enhance its capital ratios.
Based in Lake Forest, Ill., Wintrust is a financial holding company.
| Issuer: | Wintrust Financial Corp.
|
| Issue: | Non-cumulative perpetual convertible preferred stock
|
| Amount: | $50 million
|
| Dividends: | 8% per annum, payable quarterly
|
| Conversion price: | $27.38
|
| Warrants: | No
|
| Investor: | CIVC Partners
|
| Settlement date: | Aug. 26
|
| Stock symbol: | Nasdaq: WTFC
|
| Stock price: | $21.62 at close on Aug. 26
|
© 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.
