Proceeds to fund previously announced Strategic Growth Plan CHICAGO, May 16
CHICAGO, May 16 /PRNewswire-FirstCall/ -- PrivateBancorp, Inc.
(Nasdaq: PVTB) (the "Company") today announced that on May 15, 2008, the
Company priced $125,000,000 aggregate liquidation amount of 10.00% Trust
Preferred Securities to be issued by PrivateBancorp Capital Trust IV, a
statutory trust formed under the laws of the State of Delaware (the "Trust"),
representing preferred beneficial interests in the Trust (the "Trust Preferred
Securities") in an underwritten public offering at $25.00 per Trust Preferred
Security. The Trust has also granted the underwriters a 30-day option to
purchase up to an additional $18,750,000 aggregate liquidation amount of the
Trust Preferred Securities to cover over-allotments, if any. The offering is
scheduled to close on May 22, 2008.
Each Trust Preferred Security will pay cash distributions at the annual
rate of 10.00% of the stated liquidation amount of $25 per security, payable
quarterly in arrears beginning September 15, 2008. The maturity date of the
Trust Preferred Securities is June 15, 2068.
The managing underwriters (the "Underwriters") of the offering are Stifel,
Nicolaus & Company, Incorporated, RBC Capital Markets Corporation, Robert W.
Baird & Co. Incorporated, Raymond James & Associates, Inc., William Blair &
Company, L.L.C., and Keefe, Bruyette & Woods, Inc.
The Trust Preferred Securities have been registered under the Securities
Act of 1933, as amended, pursuant to an effective registration statement on
Form S-3 (File Nos. 333-150767 and 333-150767-01). The Trust Preferred
Securities have been approved for listing on the Nasdaq Global Select Market
under the symbol "PVTBP".
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of any such jurisdiction. The Trust Preferred Securities are offered only by
the prospectus and related prospectus supplements. Copies of the prospectus
supplement and the prospectus relating to the offering of the Trust Preferred
Securities may be obtained from Stifel, Nicolaus & Company, Incorporated, One
Financial Plaza, 501 North Broadway, St. Louis, Missouri, 63102 or toll-free
at 1-800-729-6888.
About PrivateBancorp, Inc.
PrivateBancorp, Inc., through its PrivateBank subsidiaries, provides
distinctive, highly personalized financial services to a growing array of
successful middle market privately held and public businesses, affluent
individuals, wealthy families, professionals, entrepreneurs and real estate
investors.
SOURCE PrivateBancorp, Inc.
