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Lead Book-running Manager

TriState Capital Holdings

$37.5 Million 06/03/2020 Depository Complete
Public Companies
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Transaction Details

  • On June 3, 2020, TriState Capital Holdings, Inc. (Nasdaq: TSC) (the “Company”), the holding company for TriState Capital Bank and Chartwell Investment Partners, Inc., completed an additional underwritten public offering of $37.5 million of its 5.75% Fixed-to-Floating Subordinated Notes due 2030 (the “Additional Notes”)
  • Together with the closing of $60 million on May 11, 2020, the Company raised an aggregate of $97.5 million in gross proceeds from the registered offerings
  • Stephens served as Lead Book-running Manager in both offerings
  • The Additional Notes were issued at 100% of the principal amount plus accrued interest from May 11, 2020
  • Net proceeds are expected to be used for general corporate purposes, including to support the organic growth of TriState Capital Bank, and may be used to repay certain outstanding indebtedness
  • Proceeds that the holding company provides to TriState Capital Bank are expected to qualify under federal regulatory rules as Tier 1 capital for TriState Capital Bank
  • The issue was rated BBB by Kroll Bond Rating Agency

About the company

TriState Capital Holdings, Inc. (Nasdaq: TSC) is a bank holding company headquartered in Pittsburgh, Pa., providing commercial banking, private banking and investment management services to middle-market companies, institutional clients and high-net-worth individuals. Its TriState Capital Bank subsidiary had $8.9 billion in assets as of March 31, 2020, and serves middle-market commercial customers through regional representative offices in Pittsburgh, Philadelphia, Cleveland, Edison, N.J., and New York City, as well as high-net-worth individuals nationwide through its national referral network of financial intermediaries. Its Chartwell Investment Partners subsidiary had $8.3 billion in assets under management as of March 31, 2020, and serves institutional clients and TriState Capital’s financial intermediary network.

Sources: Company filings and press release.
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