PrivateBancorp Juices Up Secondary Offering (PVTB)

PrivateBancorp, Inc. (NASDAQ: PVTB) has announced that it increased the size of its secondary offering to a proposed 4 million shares and it priced the secondary offering at $34.00 per share. 

As far as underwriters, Keefe Bruyette & Woods acted as sole book manager, with Robert W.
Baird as co-lead manager.  Co-managers are listed as William Blair and SunTrust Robinson Humphrey.  Underwriters have also been given a 30-day over-allotment option for up to 600,000 shares.

Shares closed at $35.21 yesterday, so this represents a discounting of about 3.5%.  Shares were at $38.00 just 5 days ago and its 52-week trading range is $25.41 to $38.74.  Its average daily volume is only about 217,000 shares.  The $136 million in gross proceeds compares to a market cap of $1.01 Billion before any extra shares or dilution.

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Jon C. Ogg
June 6, 2008