SANTA CLARA, Calif.,
Dec. 2, 2019 /PRNewswire/ -- SVB
Financial Group ("SVB") (NASDAQ: SIVB) today announced the pricing
of an offering of 14,000,000 depositary shares, each representing a
1/40th interest in a share of its 5.250% fixed-rate
non-cumulative perpetual Series A Preferred Stock, liquidation
amount $1,000 per share (equivalent to $25 per
depositary share) at an aggregate offering price of $350
million. The offering is expected to close on December 9, 2019, subject to customary closing
conditions.
SVB intends to use the net proceeds of the offering for general
corporate purposes, which may include the retirement of a portion
of its outstanding debt, including the early redemption of its
outstanding $350 million 5.375%
Senior Notes due 2020, which is set to occur on December 20, 2019.
BofA Securities, Inc., Morgan Stanley & Co. LLC, and Wells
Fargo Securities, LLC are acting as joint book-running managers for
the offering. Keefe, Bruyette & Woods, Inc. is acting as
co-manager.
The offering is being made pursuant to an effective shelf
registration statement, including a prospectus and prospectus
supplement, filed by SVB with the U.S. Securities and
Exchange Commission ("SEC"). Before investing, investors should
read the prospectus in that registration statement, the related
prospectus supplement and other documents SVB has filed with the
SEC for more complete information about SVB and the offering. These
documents may be obtained for free by visiting the SEC website
at www.sec.gov. Alternatively, SVB, any underwriter or any
dealer participating in the offering will arrange to send you the
prospectus and prospectus supplement contained in the registration
statement, together with the related prospectus supplement, if you
request it by contacting BofA Securities, Inc. at 1-800-294-1322,
Morgan Stanley & Co. LLC toll-free at 1-866-718-1649, or Wells
Fargo Securities, LLC at 1-800-645-3751. This press release is for
informational purposes only and does not constitute an offer to
sell, or a solicitation of an offer to buy, these securities, nor
shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About SVB Financial Group
For more than 35 years, SVB Financial Group (NASDAQ: SIVB) and its
subsidiaries have helped innovative companies and their investors
move bold ideas forward, fast. SVB Financial Group's businesses,
including Silicon Valley Bank, offer commercial, investment and
private banking, asset management, private wealth management,
brokerage and investment services and funds management services to
companies in the technology, life science and healthcare, private
equity and venture capital, and premium wine industries.
Headquartered in Santa Clara,
California, SVB Financial Group operates in centers of
innovation around the world.
SVB Financial Group is the holding company for all business
units and groups © 2019 SVB Financial Group.
All rights reserved. SVB, SVB >, SVB Financial Group, Silicon
Valley Bank, Make Next Happen Now and the chevron device are
trademarks of SVB Financial Group, used under license. Silicon
Valley Bank is a member of the FDIC and the Federal Reserve System.
Silicon Valley Bank is the California bank subsidiary of SVB Financial
Group.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are subject to known and unknown risks
and uncertainties, many of which may be beyond SVB Financial
Group's control. Forward-looking statements are statements that are
not historical facts and generally can be identified by the use of
such words as "becoming," "may," "will," "should," "could,"
"would," "predict," "potential," "continue," "anticipate,"
"believe," "estimate," "seek," "expect," "plan," "intend," the
negative of such words or comparable terminology. Although SVB
Financial Group believes that the expectations reflected in SVB
Financial Group's forward-looking statements are reasonable, SVB
Financial Group has based these expectations on its current beliefs
as well as its assumptions, and such expectations may not prove to
be correct. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and
many of which are outside SVB Financial Group's control. SVB
Financial Group's actual results of operations and financial
performance could differ significantly from those expressed in or
implied by SVB Financial Group forward-looking statements. The
forward-looking statements included in this disclosure are made
only as of the date of this disclosure. SVB Financial Group does
not intend, and undertakes no obligation, to update these
forward-looking statements.
View original
content:http://www.prnewswire.com/news-releases/svb-financial-group-announces-pricing-of-350-million-preferred-stock-depositary-shares-offering-300967690.html
SOURCE SVB Financial Group