SANTA CLARA, Calif.,
Nov. 21, 2017 /PRNewswire/
-- SVB Financial Group (NASDAQ: SIVB) today announced that it
has issued a notice of redemption with respect to its 7% junior
subordinated deferrable interest debentures due October 15, 2033 (the "Junior Subordinated
Debentures") relating to the outstanding 7% cumulative trust
preferred securities (NASDAQ: SIVBO) (the "Trust Securities")
issued by SVB Capital II (the "Trust"), which are guaranteed on a
subordinated basis by SVB Financial Group. An aggregate principal
amount of Junior Subordinated Debentures of $51.5 million is expected to be redeemed on
December 21, 2017, plus accrued and
unpaid interest to the redemption date. As a result of the notice
of redemption relating to the Junior Subordinated Debentures, on
November 21, 2017, the property
trustee under the Trust issued a notice of redemption with respect
to all of the outstanding Trust Securities, which are expected to
be redeemed on December 21, 2017, to
the extent of applicable proceeds from the contemporaneous
redemption of the Junior Subordinated Debentures, including accrued
and unpaid distributions to the redemption date. In connection with
the redemption, SVB Financial Group expects that the Trust
Securities will be delisted from The Nasdaq Stock Market pursuant
to a Form 25 and the Trust will be deregistered under the
Securities Exchange Act of 1934, as amended, pursuant to a Form 15,
each to be filed with the U.S. Securities and Exchange
Commission.
About SVB Financial Group
For more than 30 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 and
private banking, asset management, private wealth management,
brokerage and investment services, and funds management 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. Learn more at svb.com. [SIVB-F]
SVB Financial Group is the holding company for all business
units and groups © 2017 SVB Financial Group. All rights reserved.
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 Disclaimer
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.
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SOURCE SVB Financial Group