Key Developments For PrivateBancorp, Inc.
PrivateBancorp, Inc. (PVTB.O) (Nasdaq)
PrivateBancorp Raises $194 Million in New Capital
PrivateBancorp announced that it has closed its underwritten public offering of common stock, which included the full exercise of the underwriters' overallotment option, and issued a total of 22.2 million shares for net proceeds of $181.2 million to the Company after deducting underwriting commissions. Of that amount, approximately $35.3 million was purchased by certain funds managed by GTCR Golder Rauner II, L.L.C. In addition, GTCR has purchased approximately $12.8 million of non voting common stock of the Company, or 1.6 million shares, through an exercise of preemptive rights. The net proceeds from the offering, as well as from the sale of non voting common stock, will qualify as tangible common equity and Tier 1 capital and will be used to further capitalize the Company's banks in order to support continued growth and for working capital and other general corporate purposes, including possible FDIC-assisted acquisition transactions subject to satisfying eligibility requirements to participate in such transactions. J.P. Morgan Securities Inc. was the sole book running manager for the offering.
PrivateBancorp Announces Pricing Of Underwritten Public Offering Of Common Stock
PrivateBancorp announced that it has priced its underwritten public offering of common stock at a public offering price of $8.50 per share, for gross offering proceeds of approximately $164.3 million. Of that amount, approximately $35.3 million is being purchased by certain funds managed by GTCR Golder Rauner II, L.L.C. In addition, GTCR and the Company have agreed that, pursuant to the Preemptive and Registration Rights Agreement to which they are party, GTCR is entitled to, and will, purchase approximately $10.7 million of non-voting common stock of the Company through an exercise of preemptive rights (based on the aggregate public offering amount less the amount being purchased by GTCR in the public offering and assuming no exercise by the underwriters of their option to purchase additional shares). The purchase price of the non-voting common stock, which converts into the Company's common stock on a one-for-one basis, will be $8.075 per share, which equals the public offering price less the underwriting discount per share. The public offering and the sale of the non-voting common stock are expected to close on November 2, 2009. .P. Morgan Securities Inc. is the sole book-running manager for the offering. SunTrust Robinson Humphrey, Inc. is lead manager. Robert W. Baird & Co. Incorporated, William Blair & Company, L.L.C., and Keefe, Bruyette & Woods, Inc. are co-managers.
PrivateBancorp Posts Q3 2009 loss-Reuters
Reuters reported that PrivateBancorp posted a third-quarter loss, as weakness in commercial real estate forced the Company to almost triple its provision for bad loans. The Company credit quality continued to decline in the third quarter and warned that non-performing assets could increase for the next several quarters. For the third quarter, the Company posted a loss of $31.2 million or$0. 68 a share, available to common shareholders, compared with $7.8 million or $0.25 a share, previous year.
PrivateBancorp Announces Commencement Of Underwritten Public Offering Of Common Stock
PrivateBancorp announced that it has commenced an underwritten public offering of $175 million of its common stock. The net proceeds from the offering will qualify as tangible common equity and Tier 1 capital and will be used to further capitalize the banks in order to support continued growth and for working capital and other general corporate purposes, including possible FDIC-assisted acquisition transactions. In addition, upon completion of this offering, we will be eligible to request that the U.S. Department of the Treasury reduce the number of shares of our common stock issuable upon exercise of the warrant held by the U.S. Treasury by 50% to 645,013 shares. J.P. Morgan Securities Inc. is the sole book-running manager for the offering. The Company intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares offered to cover over-allotments, if any.
PrivateBancorp Declares Quarterly Cash Dividend
PrivateBancorp announced its Board of Directors declared a quarterly cash dividend of $0.01 per share for the third quarter 2009 payable on September 30, 2009, to stockholders of record on September 16, 2009.
