BRIEF-PrivateBancorp prices subordinated debentures offering
Oct 11 (Reuters) - PrivateBancorp Inc :
* Announces pricing of subordinated debentures offering
* Source text PrivateBancorp 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.
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