PrivateBancorp Prices Upsized Underwritten Public Offering of Common Stock

Thursday, May 14, 2009 9:55 AM

(Source: Datamonitor) tracking

PrivateBancorp has increased the number of shares available to be sold in its underwritten public offering to 11.6 million shares of its common stock and priced the offering at $19.25 per share, for gross proceeds of $223.3 million. The offering is expected to close on May 19, 2009.

The company also has granted the underwriters a 30-day over-allotment option to purchase an additional 1.74 million shares.

The company said that the net proceeds from the offering will qualify as tangible common equity and tier one capital and will be used for working capital and general corporate purposes.

JPMorgan Securities acted as the sole book-running manager. Robert Baird & Company, William Blair & Company, Keefe, Bruyette & Woods, and SunTrust Robinson Humphrey were co-managers.

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