Texas Capital Bancshares, Inc. Prices Common Stock Offering
November 28 2016 - 10:50PM
Texas Capital Bancshares, Inc. (NASDAQ:TCBI) announced today that
it has priced an underwritten public offering of 3.0 million shares
of common stock to the public. The Company expects to close the
sale of the shares of common stock on December 2, 2016, subject to
customary closing conditions. The underwriters will have a 30-day
option to purchase up to an additional 450,000 shares of common
stock from the Company.
The Company expects gross aggregate proceeds of
this offering, before expenses, of approximately $210.0 million, or
$241.5 million if the underwriters exercise their option to
purchase additional shares in full. Proceeds will be used to
provide capital support for the growth of Texas Capital Bank, and
for general corporate purposes.
The underwriters may offer the shares of common
stock from time to time for sale in one or more transactions on the
Nasdaq Global Select Market, in the over-the-counter market,
through negotiated transactions or otherwise at market prices
prevailing at the time of sale, at prices related to prevailing
market prices or at negotiated prices. On November 28, 2016,
the last reported sale price of the Company’s common stock was
$73.15 per share.
BofA Merrill Lynch, J.P. Morgan and Morgan
Stanley are serving as Joint Bookrunning Managers for this
offering.
The Company has filed a registration statement
(including a base prospectus) with the SEC for the common stock
offering. Copies of the prospectus supplement and the accompanying
base prospectus for the offering, when available, may be obtained
from BofA Merrill Lynch, NC1-004-03-43, 200 North College Street,
3rd floor, Charlotte, NC 28255-0001, Attention: Prospectus
Department, or e-mail: dg.prospectus_requests@baml.com, J.P.
Morgan, c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, NY 11717, Attention: Prospectus Department, or by
calling 1.866.803.9204, or Morgan Stanley, Attention: Prospectus
Department, 180 Varick Street, Second Floor, New York, NY
10014.
This news release shall not constitute an offer to sell or a
solicitation of an offer to buy any 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 TEXAS CAPITAL BANCSHARES,
INC.Texas Capital Bancshares, Inc. (NASDAQ:TCBI), a member
of the Russell 2000® Index and the S&P SmallCap 600®, is the
parent company of Texas Capital Bank, a commercial bank that
delivers highly personalized financial services to businesses and
individual clients. Headquartered in Dallas, the bank has
full-service locations in Austin, Dallas, Fort Worth, Houston and
San Antonio.
This news release may be deemed to include
forward-looking statements which are based on management’s current
estimates or expectations of future events or future results. These
statements are not historical in nature and can generally be
identified by such words as “believe,” “expect,” “estimate,”
“anticipate,” “plan,” “goals,” “objectives,” “expect,” “intend,”
“seek,” “likely,” “targeted,” “continue,” “remain,” “should,”
“may,” “will,” “intend” and similar expressions. A number of
factors, many of which are beyond our control, could cause actual
results to differ materially from future results expressed or
implied by such forward-looking statements. These risks and
uncertainties include, but are not limited to, the credit quality
of our loan portfolio, general economic conditions in the United
States and in our markets, including the continued impact on our
customers from declines and volatility in oil and gas prices, rates
of default or loan losses, volatility in the mortgage industry, the
success or failure of our business strategies, future financial
performance, future growth and earnings, the appropriateness of our
allowance for loan losses and provision for credit losses, the
impact of increased regulatory requirements and legislative changes
on our business, increased competition, interest rate risk, the
success or failure of new lines of business and new product or
service offerings and the impact of new technologies. These and
other factors that could cause results to differ materially from
those described in the forward-looking statements, as well as a
discussion of the risks and uncertainties that may affect our
business, can be found in our Annual Report on Form 10-K and in
other filings we make with the Securities and Exchange Commission.
The information contained in this release speaks only as of its
date. We are under no obligation, and expressly disclaim such
obligation, to update, alter or revise our forward-looking
statements, whether as a result of new information, future events,
or otherwise.
MEDIA AND INVESTOR CONTACT
Heather Worley, 214.932.6646
heather.worley@texascapitalbank.com
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