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PrivateBancorp Announces $75 Million Common Stock Offering; TARP Repayment Plans





CHICAGO, Oct. 10, 2012 /PRNewswire/ -- PrivateBancorp, Inc. (NASDAQ: PVTB) today announced that it has commenced an underwritten public offering of $75 million of its common stock.  Goldman, Sachs & Co. and Morgan Stanley & Co. LLC will act as joint book-running managers and Wells Fargo Securities will act as co-lead manager for the offering.  

The Company also announced that it expects to commence a separate public offering of $125 million aggregate principal amount of its subordinated debt securities in the near future.  The consummation of the common stock offering is not conditioned upon the consummation of the anticipated subordinated debt offering, and vice versa.  

The Company intends to use the anticipated net proceeds from the offerings, together with existing cash resources, to redeem all $243.8 million of preferred stock that the Company issued to the U.S. Department of Treasury under its Troubled Asset Relief Program (TARP) Capital Purchase Program.  The redemption of the TARP preferred stock is subject to consummation of the offerings and the approval of the Federal Reserve.  Following the redemption of the TARP preferred stock, the Company intends to seek to repurchase the common stock warrant that it issued to the U.S. Treasury as part of its participation in the Capital Purchase Program.

The Company's shares of common stock will be offered and sold pursuant to a prospectus supplement to the prospectus filed as a part of the Company's effective shelf-registration statement on Form S-3.  Investors should read the prospectus supplement and the related prospectus and the other documents that the Company has filed with the Securities and Exchange Commission before investing in the Company's securities.    

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the Company's securities nor will 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. Offers may be made only by means of the prospectus supplement and the related prospectus.

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