By Wendy Van Sickle
Columbus, Ohio, July 28 – Silvergate Capital Corp. priced $200 million of 5.375% $25-par series A fixed-rate non-cumulative perpetual preferred stock (Ba3/Kroll: BBB-) at par, according to an FWP 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.
| Issuer: | Silvergate Capital Corp.
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| Issue: | Series A fixed-rate non-cumulative perpetual preferred stock
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| Amount: | $200 million
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| Maturity: | Perpetual
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| Bookrunners: | Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Keefe, Bruyette & Woods and UBS Securities LLC
|
| Dividend: | 5.375%
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| Price: | Par of $25.00
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| Yield: | 5.375%
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| Call option: | On or after Aug. 15, 2026 at par; prior to that within 90 days after a regulatory capital treatment event
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| Pricing date: | July 28
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| Settlement date: | Aug. 4
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| Ratings: | Moody’s: Ba3
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| Kroll: BBB-
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| Distribution: | Rule 144A and Regulation S
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| Listing: | NYSE: SIPrA
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