Sunday, June 23, 2024
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SVB Financial Group has announced its intention to conduct separate underwritten registered public offerings, comprising $1.25 billion of common stock and $500 million of depositary shares representing interests in its Series F Mandatory Convertible Preferred Stock (“Preferred Stock”), with a liquidation preference of $1,000 per share.

Prior to commencing these offerings, SVB has entered into a subscription agreement with General Atlantic, a prominent global growth equity investor, for the purchase of $500 million of common stock at the public offering price in a private transaction. This agreement is contingent upon the closing of the common stock offering and is expected to finalize shortly thereafter.

In a related development, SVB has completed the sale of a substantial portion of its available-for-sale securities portfolio, amounting to approximately $21 billion. This transaction will result in an after-tax loss of about $1.8 billion in the first quarter of 2023.

These offerings are conducted under an effective shelf registration statement, including a prospectus and a separate prospectus supplement, filed by SVB with the U.S. Securities and Exchange Commission (“SEC”). Investors are advised to review these documents for comprehensive information about SVB and the respective offerings before making investment decisions. They can access these documents free of charge by visiting the SEC’s website.


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