PrivateBancorp Announces Pricing Of Subordinated Debentures Offering

CHICAGO, Oct. 11, 2012 /PRNewswire/ -- PrivateBancorp, Inc. (NASDAQ: PVTB) today announced that it priced its previously announced underwritten public offering of $125 million in aggregate principal amount of its 7.125 percent subordinated debentures due 2042.  Morgan Stanley and Wells Fargo Securities acted as joint book-running managers for the offering. 

The Company intends to use the net proceeds from the offering, together with net proceeds from its recently priced underwritten public offering of $75 million of its common stock and 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. 

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.

A copy of the prospectus supplement and prospectus relating to the offering of the Company's subordinated debentures may be obtained from Morgan Stanley & Co. LLC by contacting Morgan Stanley & Co. LLC at Morgan Stanley Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY, 10014, telephone: [phone] or by emailing [e-mail], or Wells Fargo Securities, LLC at 1525 West W.T. Harris Blvd., NC0675, Charlotte, NC 28262, telephone: [phone] or by emailing [e-mail].

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