Wintrust Financial Corporation Announces Pricing of $250 Million Preferred Stock Offering
May 06 2020 - 6:38PM
Wintrust Financial Corporation ("Wintrust") (Nasdaq: WTFC) today
announced that it has priced an underwritten public offering of 10
million depositary shares with a liquidation preference of $25.00
per share (the “Depositary Shares”) for gross proceeds of $250
million before deducting underwriting discounts and other estimated
offering expenses. Each Depositary Share represents a 1/1,000th
interest in a share of Wintrust’s 6.875% Fixed-Rate Reset
Non-Cumulative Perpetual Preferred Stock, Series E. In connection
with the offering, Wintrust has granted the underwriters a 30-day
option to purchase up to 1.5 million additional Depositary Shares.
The offering is expected to close on May 15, 2020, subject to
customary closing conditions.
Wintrust intends to use the net proceeds from the offering for
general corporate purposes, which may include, without limitation,
investments at the holding company level, providing capital to
support growth, acquisitions or other business combinations,
including FDIC-assisted acquisitions, and reducing or refinancing
existing debt.
Wintrust intends to apply to list the Depositary Shares on The
Nasdaq Global Select Market under the symbol "WTFCE."
RBC Capital Markets and Wells Fargo Securities are acting as
joint book-running managers, Raymond James is acting as joint lead
manager and Incapital is acting as Co-Manager for the offering.
The offering is being made under an effective shelf registration
statement on file with the U.S. Securities and Exchange Commission.
The offering may be made only by means of a prospectus supplement
and the accompanying prospectus. Prospective investors should read
the prospectus supplement and the accompanying prospectus in the
registration statement and other documents Wintrust has filed or
will file with the SEC for more complete information about Wintrust
and the offering. Copies of the prospectus supplement and
accompanying prospectus describing the offering may be obtained by
visiting EDGAR on the SEC's websiteat www.sec.gov or by contacting
RBC Capital Markets, LLC, Brookfield Place, 200 Vesey Street, 8th
Floor, New York, New York 10281. Telephone: 1-866 375-6829.Email:
rbcnyfixedincomeprospectus@rbccm.com.
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 state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of such
state or jurisdiction.
About Wintrust
Wintrust is a financial holding company with assets of over $38
billion whose common stock is traded on the NASDAQ Global Select
Market. Built on the "HAVE IT ALL" model, Wintrust offers
sophisticated technology and resources of a large bank while
focusing on providing service- based community banking to each and
every customer. Wintrust operates fifteen community bank
subsidiaries, with over 180 banking locations located in the
greater Chicago and southern Wisconsin market areas. Additionally,
Wintrust operates various non-bank business units including
business units which provide commercial and life insurance premium
financing in the United States, a premium finance company operating
in Canada, a company providing short- term accounts receivable
financing and value-added out-sourced administrative services to
the temporary staffing services industry, a business unit 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 and qualified
intermediary services for tax-deferred exchanges.
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 actual events or results
may differ materially. Wintrust's expected financial results or
other plans, including Wintrust’s intention to consummate the
offering and issue the Depositary Shares and Wintrust’s intended
use of net proceeds from the offering, 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
Wintrust’s preliminary prospectus supplement dated May 6, 2020,
Wintrust's Annual Report on Form 10-K for the fiscal year ended
December 31, 2019 and Wintrust’s Quarterly Report on Form 10-Q for
the three months ended March 31, 2020 and in any of the Company’s
subsequent SEC filings. Forward-looking statements speak only as of
the date made and Wintrust undertakes no duty to update the
information.
For more information contact:Edward J. Wehmer, Founder &
Chief Executive OfficerDavid A. Dykstra, Vice Chairman & Chief
Operating Officer (847) 939-9000Website address:
www.wintrust.com
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