Wintrust Financial Corporation Announces Pricing of $110 Million Public Offering of Non-Cumulative Perpetual Convertible Pref...
March 14 2012 - 9:22AM
Wintrust Financial Corporation ("Wintrust" or the "Company")
(Nasdaq:WTFC) today announced the pricing of 110,000 shares, or
$110,000,000 aggregate liquidation preference, of Non-Cumulative
Perpetual Convertible Preferred Stock, Series C ("Preferred
Stock"). Wintrust has granted 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.
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 at a rate of
5.00% per year on the liquidation preference of $1,000 per
share.
The holders of the Preferred Stock will have the right at any
time to convert each share of Preferred Stock into 24.3132 shares
of Wintrust common stock, which represents an initial conversion
price of $41.13 per share of Wintrust common stock, plus cash in
lieu of fractional shares. The initial conversion price
represents a 17.5% conversion premium to the volume-weighted
average price of Wintrust common stock on March 13, 2012 of
approximately $35.00 per share. The conversion rate, and thus the
conversion price, will be subject to adjustment under certain
circumstances. 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