SANTA CLARA, Calif.,
Jan. 26, 2021 /PRNewswire/ -- SVB
Financial Group ("SVB") (NASDAQ: SIVB) today announced the pricing
of an underwritten offering of 750,000 depositary shares, each
representing a 1/100th interest in a share of its
Series B Non-Cumulative Perpetual Preferred Stock, liquidation
amount $100,000 per share (equivalent
to $1,000 per depositary share) at an aggregate offering
price of $750 million. SVB today also announced the
pricing of an underwritten offering of $500
million in aggregate principal amount of its 1.800% Senior
Notes due 2031 (the "Notes"). The Notes will be sold at 99.672% of
the principal amount and will bear interest semi-annually. Both
offerings are expected to close initially on February 2, 2021, subject to customary closing
conditions. SVB intends to use the net proceeds of both offerings
for general corporate purposes.
Goldman Sachs & Co. LLC and BofA Securities, Inc. are acting
as joint book-running managers for the offerings. SVB Leerink LLC
is acting as co-manager.
Each 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"). For each offering, 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 before investing.
These documents may be obtained for free by visiting the SEC
website at www.sec.gov. Alternatively, for each offering, SVB, any
underwriter or any dealer participating in the offering will
arrange to send you the prospectus contained in the registration
statement, together with the related prospectus supplement, if
you request it by contacting Goldman Sachs & Co. LLC at
1-866-471-2526 or by emailing Prospectus-NY@ny.email.gs.com or BofA
Securities, Inc. at 1-800-294-1322. 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 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 © 2021 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
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. Forward-looking statements
related to the offerings and 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 (for example, due to the COVID-19
pandemic and its effects on the economic and business environments
in which SVB Financial Group operates). 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.
[SIVB-F]
SOURCE: SVB Financial Group
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SOURCE Silicon Valley Bank