PrivateBancorp, Inc. (Nasdaq: PVTB) recently announced it has closed its underwritten public offering of common stock, which included the full exercise of the underwriters' overallotment option, and issued a total of 22.2 million shares for net proceeds of $181.2 million to the Company after deducting underwriting commissions. Of that amount, approximately $35.3 million was purchased by certain funds managed by GTCR Golder Rauner II, L.L.C.
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In addition, GTCR has purchased approximately $12.8 million of non-voting common stock of the Company, or 1.6 million shares, through an exercise of preemptive rights (based on the aggregate public offering amount less the amount purchased by GTCR in the public offering).The shares of common stock in the public offering were issued pursuant to a prospectus supplement to the prospectus filed as a part of the Company's effective shelf-registration statement on Form S-3 (File No. 333-150767). The net proceeds from the offering, as well as from the sale of non-voting common stock, will qualify as tangible common equity and Tier 1 capital and will be used to further capitalize the Company's banks in order to support continued growth and for working capital and other general corporate purposes, including possible FDIC-assisted acquisition transactions subject to satisfying eligibility requirements to participate in such transactions. In addition, as a result of these transactions, the Company is now eligible to request that the U.S. Department of the Treasury reduce the number of shares of common stock issuable upon exercise of the warrant held by the U.S. Treasury by 50 percent to 645,013 shares.J.P. Morgan Securities Inc. was the sole book-running manager for the offering. SunTrust Robinson Humphrey, Inc. was lead manager. Robert W. Baird & Co. Incorporated, Keefe, Bruyette & Woods, Inc. and William Blair & Company, L.L.C. were co-managers.
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