Wintrust Financial Corporation Announces Closing of Offerings of Common Stock and Tangible Equity Units
December 10 2010 - 4:01PM
Wintrust Financial Corporation ("Wintrust" or the "Company")
(Nasdaq:WTFC) today announced the closing of its previously
announced offerings of 3,205,128 shares of common stock and
4,000,000 of its 7.50% tangible equity units. Wintrust received net
proceeds of approximately $284.7 million from the offerings, after
deducting underwriting discounts and commissions and estimated
offering expenses. Wintrust has granted the underwriters
30-day options to purchase up to an additional 480,769 shares of
common stock and 600,000 tangible equity units, each to be offered
to cover overallotments, if any.
Subject to approval by Wintrust's regulators, Wintrust intends
to use the net proceeds from the offerings to redeem all of the
shares of its Fixed Rate Cumulative Preferred Perpetual Preferred
Stock, Series B, which was issued and sold to the U.S. Treasury
under its Capital Purchase Program. Wintrust will use any
excess proceeds for general corporate purposes. If Wintrust is
unable to redeem the Series B Preferred Stock, it intends to use
the net proceeds of the offerings for general corporate
purposes.
BofA Merrill Lynch is acting as sole book-running manager and
RBC Capital Markets, LLC, Sandler O'Neill + Partners, L.P. and
Wells Fargo Securities are acting as co-managers for the tangible
equity unit offering. BofA Merrill Lynch and Sandler O'Neill +
Partners, L.P. are acting as joint book-running managers and RBC
Capital Markets, LLC and Wells Fargo Securities are acting as
co-managers for the common stock offering.
This press release shall not constitute an offer to sell or the
solicitation of any offer to buy any securities, nor shall there be
any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction. The offering of the tangible equity units will only
be made by means of a prospectus and a related prospectus
supplement, copies of which may be obtained from BofA Merrill
Lynch, Four World Financial Center, New York, New York 10080, Attn:
Preliminary Prospectus Department or email
dg.prospectus_requests@baml.com. The offering of the common stock
will only be made by means of a separate prospectus and a related
prospectus supplement, copies of which may be obtained from BofA
Merrill Lynch at the address above or Sandler O'Neill + Partners,
L.P., 919 Third Avenue, 6th Floor, New York, New York 10022 or by
calling (866) 805-4125.
About Wintrust
Wintrust is a financial holding company with assets in excess of
$14 billion whose common stock is traded on the NASDAQ Global
Select Market (Nasdaq:WTFC). Wintrust operates fifteen community
bank subsidiaries that are located in the greater Chicago and
Milwaukee market areas. Additionally, the Company operates various
non-bank subsidiaries including one of the largest commercial
insurance premium finance companies operating in the United States,
a company providing short-term accounts receivable financing and
value-added out-sourced administrative services to the temporary
staffing services industry, companies engaging primarily in the
origination and purchase of residential mortgages for sale into the
secondary market throughout the United States, and companies
providing wealth management services including broker-dealer, money
management services, advisory services, and trust and estate
services. Currently, Wintrust operates 85 banking offices.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. Investors are
cautioned that such statements are predictions and that actual
events or results may differ materially. Wintrust's expected
financial results or other plans are subject to a number of risks
and uncertainties. For a discussion of such risks and
uncertainties, which could cause actual results to differ from
those contained in the forward-looking statements, see "Risk
Factors" and the forward-looking statement disclosure contained in
each of Wintrust's prospectus supplements dated December 7, 2010,
Wintrust's Annual Report or Form 10-K for the most recently ended
fiscal year and in Wintrust's subsequent Quarterly Reports on Form
10-Q. Forward-looking statements speak only as of the date
made and Wintrust undertakes no duty to update the information.
CONTACT: Wintrust Financial Corporation
Edward J. Wehmer, President & Chief Executive Officer
David A. Dykstra, Senior Executive Vice President & Chief
Operating Officer
(847) 615-4096
www.wintrust.com
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