Wintrust Financial Corporation Commences Public Offering of $110,000,000 of Non-Cumulative Perpetual Convertible Preferred St...
March 13 2012 - 4:01PM
Wintrust Financial Corporation ("Wintrust" or the "Company")
(Nasdaq:WTFC) announced that it has commenced an underwritten
public offering of 110,000 shares, or $110,000,000 aggregate
liquidation preference, of Non-Cumulative Perpetual Convertible
Preferred Stock, Series C ("Preferred Stock"). Wintrust intends to
grant the underwriters a 30-day option to purchase up to an
additional 16,500 shares, or $16,500,000 aggregate liquidation
preference, of Preferred Stock to cover over-allotments, if
any. The shares will be issued pursuant to Wintrust's
previously-filed automatic shelf registration statement on Form
S-3.
Wintrust intends to use the net proceeds for general corporate
purposes, which may include, without limitation, investments at the
holding company level, providing capital to support our growth,
acquisitions or other business combinations, including
FDIC-assisted acquisitions, and reducing or refinancing existing
debt.
Dividends will be payable on the Preferred Stock when, as, and
if, declared by Wintrust's Board of Directors on a non-cumulative
basis quarterly in arrears on January 15, April 15, July 15 and
October 15 of each year, beginning on April 15, 2012.
The holders of the Preferred Stock will have the right at any
time to convert the Preferred Stock into shares of Wintrust common
stock, plus cash in lieu of fractional shares. On or after
April 15, 2017, Wintrust will have the right under certain
circumstances to cause the Preferred Stock to be converted into
shares of Wintrust common stock, plus cash in lieu of fractional
shares.
RBC Capital Markets and BofA Merrill Lynch are acting as joint
book-running managers and Sandler O'Neill + Partners, L.P. and
Wells Fargo Securities are acting as co-managers for the
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 will only be made by means of a
prospectus and a related prospectus supplement, copies of which may
be obtained from: RBC Capital Markets, LLC, Three World Financial
Center, 200 Vesey Street, 8th Floor, New York, New York 10281,
Telephone: (877) 822-4089 or BofA Merrill Lynch, 4 World Financial
Center, New York, New York 10080, Attn: Prospectus Department or
email dg.prospectus_requests@baml.com.
About Wintrust
Wintrust is a financial holding company with assets of
approximately $16 billion whose common stock is traded on the
NASDAQ Global Select Market. Wintrust operates fifteen community
banks that provide a full complement of commercial and consumer
loan and deposit products and services through approximately 100
banking facilities in the Chicago and Milwaukee metropolitan areas.
Wintrust also provides brokerage, trust and investment services to
customers primarily in the Midwest, as well as customers of the
banks, and provides services in mortgage banking, insurance premium
financing and several specialty-lending niches.
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 preliminary prospectus supplement dated March
13, 2012, and Wintrust's Annual Report on Form 10-K for the most
recently ended fiscal year. Forward-looking statements speak
only as of the date made and Wintrust undertakes no duty to update
the information.
CONTACT: Edward J. Wehmer,
President & Chief Executive Officer
David A. Dykstra,
Senior Executive Vice President & Chief Operating Officer
(847) 615-4096
Wintrust Financial (NASDAQ:WTFC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Wintrust Financial (NASDAQ:WTFC)
Historical Stock Chart
From Jul 2023 to Jul 2024