SVB Financial Group announced the pricing of an underwritten offering of 1,000,000 depositary shares, each representing a 1/100th interest in a share of its Series C Non-Cumulative Perpetual Preferred Stock, liquidation amount $100,000 per share (equivalent to $1,000 per depositary share) at an aggregate offering price of $1 billion. SVB today also announced the pricing of an underwritten offering of $500 million in aggregate principal amount of its 2.100% Senior Notes due 2028 (the “Notes”). The Notes will be sold at 99.883% of the principal amount and will bear interest semi-annually. Both offerings are expected to close initially on May 13, 2021, subject to customary closing conditions. SVB intends to use the net proceeds of both offerings for general corporate purposes.
BofA Securities, Inc. and Goldman Sachs & Co. LLC are acting as joint book-running managers for the offerings. SVB Leerink LLC is acting as co-manager.
Each offering is being made pursuant to an effective shelf registration statement, including a prospectus and prospectus supplement, filed by SVB with the U.S. Securities and Exchange Commission (“SEC”). For each offering, investors should read the prospectus in that registration statement, the related prospectus supplement and other documents SVB has filed with the SEC for more complete information about SVB and the offering before investing. These documents may be obtained for free by visiting the SEC website at www.sec.gov. Alternatively, for each offering, SVB, any underwriter or any dealer participating in the offering will arrange to send you the prospectus contained in the registration statement, together with the related prospectus supplement, if you request it by contacting BofA Securities, Inc. at 1-800-294-1322 or Goldman Sachs & Co. LLC at 1-866-471-2526 or by emailing Prospectus-NY@ny.email.gs.com. This press release is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About SVB Financial Group
For more than 35 years, SVB Financial Group and its subsidiaries have helped innovative companies and their investors move bold ideas forward, fast. SVB Financial Group’s businesses, including Silicon Valley Bank, offer commercial and private banking, asset management, private wealth management, brokerage and investment services and funds management services to companies in the technology, life science and healthcare, private equity and venture capital, and premium wine industries. Headquartered in Santa Clara, California, SVB Financial Group operates in centers of innovation around the world.