SVB Financial closes $300M public offering

AP News
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Posted: Nov 24, 2009 4:42 PM

SVB Financial Group, the holding company for SVB Silicon Valley Bank, announced Tuesday the closing of a $300 million public stock offering.

SVB Financial said proceeds totaled about $286 million after commissions and expenses. The company sold 7.8 million shares at $38.50 per share.

The company has previously said it will use proceeds to repurchase all 235,000 shares of its outstanding Series B Fixed Rate Cumulative Perpetual Preferred Stock and a warrant to buy 708,116 common shares issued to the Treasury under its Capital Purchase Program.

Proceeds will also be used for general corporate purposes, the company has said.

Shares of SVB Financial slipped 2 cents to $37.99 in after-hours trading, after falling 44 cents during the regular session.