Wintrust plans $110 million perpetual convertible preferreds to yield 4.5%-5%, up 17.5%-22.5%

By Rebecca Melvin

New York, March 13 - Wintrust Financial Corp. launched an offering of $110 million of perpetual convertible preferred stock that it planned to price on Wednesday before the market open.

The preferreds were talked to yield a dividend of 4.5% to 5% with an initial conversion premium of 17.5% to 22.5%, according to a market source.

The registered deal has a $16.5 million greenshoe and is being sold via bookrunners RBC Capital Markets and Bank of America Merrill Lynch. Co-managers are Sandler O'Neill + Partners LP and Wells Fargo Securities.

The preferreds are callable on April 15, 2017 if the stock exceeds 130% of the conversion price for 20 out of 30 trading days.

Proceeds are expected to be used for general corporate purposes, including capital support for growth, acquisitions and reducing or refinancing debt.

Based in Lake Forest, Ill., Wintrust is a financial holding company.

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