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Banking, finance, and taxes

PrivateBancorp Juices Up Secondary Offering (PVTB)

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By Douglas A. McIntyre Updated Published
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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.

You can join our open email distribution list to hear about other secondary offerings, mergers, special financings, IPO’s, restructurings, and other special situations.

Jon C. Ogg
June 6, 2008

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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