PacWest Bancorp | Stephens

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Co-Manager

PacWest Bancorp

$513 Million 06/06/2022 Depository Complete
Public Companies
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Transaction Details

  • On June 6, 2022, PacWest Bancorp (Nasdaq: PACW) (the “Company”), the holding company for Pacific Western Bank (the “Bank”), closed its $513,250,000 public offering of 7.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A (“Preferred Stock”)
  • The Notes bear a fixed rate of 7.75% for the first five years, and reset every five years at a spread of 4.82% over the five-year UST yield
  • The company will have the option to redeem the Notes on or after September 1, 2027
  • Expected Ratings: Kroll Bond Rating Agency BBB-, Fitch BB-, and Egan Jones BBB
  • Net proceeds are expected to be used for general corporate purposes, which may include repayment or redemption of outstanding indebtedness, the payment of dividends, providing capital to support organic growth or growth through strategic acquisitions, capital expenditures, financing investments, repurchasing shares of common stock and for investments in the Bank as regulatory capital

About the company

The Company stated: PacWest Bancorp, a Delaware corporation, is a bank holding company registered under the Bank Holding Company Act of 1956, as amended, with our corporate headquarters located in Beverly Hills, California. Our principal business is to serve as the holding company for our wholly-owned subsidiary, Pacific Western Bank. The Bank is focused on relationship-based business banking to small, middle-market, and venture-backed businesses nationwide. The Bank offers a broad range of loan and lease and deposit products and services through 69 full-service branches located in California, one branch located in Durham, North Carolina, one branch located in Denver, Colorado, and numerous loan production offices across the country. The Bank provides community banking products including lending and comprehensive deposit and treasury management services to small and medium-sized businesses conducted primarily through our California based branch offices and Denver, Colorado branch office. The Bank offers national lending products including asset-based, equipment, and real estate loans and treasury management services to established middle-market businesses on a national basis. The Bank also provides venture banking products including a comprehensive suite of financial services focused on entrepreneurial and venture-backed businesses and their venture capital and private equity investors, with offices located in key innovative hubs across the United States. The Bank also offers financing of business-purpose non-owner-occupied investor properties through Civic Financial Services, a wholly-owned subsidiary (“Civic”). The Bank also provides a specialized suite of services for the HOA industry. In addition, we provide investment advisory and asset management services to select clients through Pacific Western Asset Management Inc., a wholly-owned subsidiary of the Bank and an SEC-registered investment adviser.

Sources: Company Filings.
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