PrivateBancorp, Inc. Announces GTCR Golder Rauner to Purchase $17 million of
Preferred Stock
CHICAGO, June 10 /PRNewswire-FirstCall/ -- PrivateBancorp, Inc. (the
"Company") (Nasdaq: PVTB) today announced that certain funds managed by an
affiliate of GTCR Golder Rauner, L.L.C. ("GTCR") have exercised their
pre-emptive rights to purchase approximately $17 million of the Company's
Series A preferred stock. GTCR currently owns all of the outstanding shares of
the Series A preferred stock.
Under its December 2007 agreement with the Company, GTCR has pre-emptive
rights to maintain its equity ownership interest in the Company in the event
the Company undertakes certain types of equity offerings. As previously
disclosed, on June 5, 2008, the Company priced an underwritten public offering
of 4 million shares of its common stock at $34.00 per share. That offering is
expected to close on June 11, 2008. The sale of the shares of preferred stock
to GTCR is expected to close on June 11, 2008. In the event the underwriters'
over-allotment option is exercised in connection with the public offering,
GTCR will have the right to purchase additional shares of Series A preferred
stock to maintain its ownership interest in the Company.
GTCR will purchase from the Company 522.963 shares, or approximately $17
million, of the Company's Series A convertible preferred stock, which will be
convertible into 522,963 common shares and has no voting rights. The purchase
price of the preferred stock on an as converted basis is $32.64 per share,
representing the same price as the common stock was sold by the Company to the
underwriters in the public offering.
The net proceeds from the sale of the Series A preferred stock to GTCR
will be used to fund the ongoing execution of PrivateBancorp's Strategic
Growth Plan and for other general corporate purposes.
About PrivateBancorp, Inc.
PrivateBancorp, Inc. is a growing diversified financial services company
with 22 offices in nine states and more than $6 billion in assets as of March
31, 2008. Through its subsidiaries, PrivateBancorp delivers customized
business and personal financial services to middle-market commercial and
commercial real estate companies, as well as business owners, executives,
entrepreneurs and wealthy families.
About GTCR
Founded in 1980, GTCR Golder Rauner, LLC is a leading private equity
investment firm and long-term strategic partner for outstanding management
teams. The Chicago-based firm pioneered the investment strategy of identifying
and partnering with exceptional executives to acquire and build companies
through a combination of acquisitions and strong internal growth. GTCR
currently manages more than $8 billion of equity capital invested in a wide
range of companies and industries.
SOURCE PrivateBancorp, Inc.
Amy Yuhn, Director of Communications of PrivateBancorp, Inc., +1-312-564-1378,
ayuhn@theprivatebank.com
