Lead Book-running Manager
TriState Capital Holdings
Debt Capital Markets
Subordinated Notes
Transaction Details
- On May 11, 2020, TriState Capital Holdings, Inc. (Nasdaq: TSC) (the “Company”), the holding company for TriState Capital Bank and Chartwell Investment Partners, Inc., closed its $60,000,000 public offering of Fixed-to-Floating Rate Subordinated Notes (the “Notes”) due 2030
- The Notes bear a fixed rate of 5.75% for the first 5 years and a floating rate of 3-month LIBOR plus 536 basis points thereafter, until the Notes mature on May 15, 2030
- The Company will have the option to redeem the Notes on or after May 15, 2025
- 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 Company provides to TriState Capital Bank are expected to qualify under federal regulatory rules as Tier 1 capital for TriState Capital Bank
- Kroll Bond Rating Agency rated the Notes BBB
About the company
TriState Capital Holdings, Inc. 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.
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The offering of these securities is being made only by means of a prospectus, copies of which may be obtained from Stephens Inc.’s Fixed Income Syndicate Desk, at Stephens Inc., 111 Center Street, Little Rock, AR 72201, ATTN: Fixed Income Syndicate Desk, or from the Securities and Exchange Commission’s website at www.sec.gov at the following link: https://www.sec.gov/Archives/edgar/data/1380846/000155278120000337/e20316_tsc-424b5.htm. A registration statement relating to these securities has been filed with the Securities and Exchange Commission. No offer to buy the securities can be accepted and no part of the purchase price can be received until the registration statement has become effective, and any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time prior to the notice of its acceptance given after the effective date.
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