Co-Manager
TriState Capital Holdings
Debt Capital Markets
Preferred Equity Offering
Transaction Details
- On May 22, 2019, TriState Capital Holdings, Inc. (NASDAQ: TSC) announced the pricing of an underwritten public offering of 2,800,000 depositary shares
- Each depositary share represents a 1/40th interest in a share of the Company’s 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock
- The liquidation preference is $1,000 per share of Preferred Stock (equivalent to $25 per depositary share)
- The Company intends to use the net proceeds from this offering for general corporate purposes, potentially including repurchases of the Company’s common stock, future acquisitions, working capital needs and investments in the Company’s subsidiaries
- The underwriters will have a 30-day option to purchase up to an additional 420,000 depositary shares
- Stephens Inc. served as a co-manager on this offering and previously served as lead bookrunner on the Company’s IPO in addition to serving as the placement agent on multiple previous private placements for the Company
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 $6.3 billion in assets, as of March 31, 2019, 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 $9.7 billion in assets under management, as of March 31, 2019, and serves institutional clients and TriState Capital’s financial intermediary network.
Sources: Company filings and press release.
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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 Equity Syndicate Desk, at Stephens Inc., 111 Center Street, Little Rock, AR 72201, ATTN: Equity 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/1380846/000155278119000248/e19296_tsc-fwp.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.