Wintrust Financial Corporation Announces Pricing of $250 Million Preferred Stock Offering

Rhea-AI Summary

Wintrust Financial Corporation (Nasdaq: WTFC) has priced an underwritten public offering of 10 million depositary shares at $25.00 each, aiming for gross proceeds of $250 million. Each share represents a 1/1,000th interest in Wintrust's 6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E. The offering includes a 30-day option for underwriters to purchase up to 1.5 million additional shares and is set to close on May 15, 2020. Proceeds will support corporate purposes, including debt reduction and growth initiatives.

Positive

• Offering of 10 million depositary shares priced at $25.00 each for gross proceeds of $250 million.
• Proceeds intended for general corporate purposes, including debt reduction and acquisitions.
• Plans to list depositary shares on Nasdaq under the symbol 'WTFCE'.

Negative

• None.

ROSEMONT, Ill., May 06, 2020 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation ("Wintrust") (Nasdaq: WTFC) today announced that it has priced an underwritten public offering of 10 million depositary shares with a liquidation preference of $25.00 per share (the “Depositary Shares”) for gross proceeds of $250 million before deducting underwriting discounts and other estimated offering expenses. Each Depositary Share represents a 1/1,000th interest in a share of Wintrust’s 6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E. In connection with the offering, Wintrust has granted the underwriters a 30-day option to purchase up to 1.5 million additional Depositary Shares. The offering is expected to close on May 15, 2020, subject to customary closing conditions.

Wintrust intends to use the net proceeds from the offering for general corporate purposes, which may include, without limitation, investments at the holding company level, providing capital to support growth, acquisitions or other business combinations, including FDIC-assisted acquisitions, and reducing or refinancing existing debt.

Wintrust intends to apply to list the Depositary Shares on The Nasdaq Global Select Market under the symbol "WTFCE."

RBC Capital Markets and Wells Fargo Securities are acting as joint book-running managers, Raymond James is acting as joint lead manager and Incapital is acting as Co-Manager for the offering.

The offering is being made under an effective shelf registration statement on file with the U.S. Securities and Exchange Commission. The offering may be made only by means of a prospectus supplement and the accompanying prospectus. Prospective investors should read the prospectus supplement and the accompanying prospectus in the registration statement and other documents Wintrust has filed or will file with the SEC for more complete information about Wintrust and the offering. Copies of the prospectus supplement and accompanying prospectus describing the offering may be obtained by visiting EDGAR on the SEC's website
at www.sec.gov or by contacting RBC Capital Markets, LLC, Brookfield Place, 200 Vesey Street, 8th Floor, New York, New York 10281. Telephone: 1-866 375-6829.
Email: rbcnyfixedincomeprospectus@rbccm.com.

This press release shall not constitute an offer to sell or the solicitation of any offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About Wintrust

Wintrust is a financial holding company with assets of over $38 billion whose common stock is traded on the NASDAQ Global Select Market. Built on the "HAVE IT ALL" model, Wintrust offers sophisticated technology and resources of a large bank while focusing on providing service- based community banking to each and every customer. Wintrust operates fifteen community bank subsidiaries, with over 180 banking locations located in the greater Chicago and southern Wisconsin market areas. Additionally, Wintrust operates various non-bank business units including business units which provide commercial and life insurance premium financing in the United States, a premium finance company operating in Canada, a company providing short- term accounts receivable financing and value-added out-sourced administrative services to the temporary staffing services industry, a business unit engaging primarily in the origination and purchase of residential mortgages for sale into the secondary market throughout the United States, and companies providing wealth management services and qualified intermediary services for tax-deferred exchanges.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and actual events or results may differ materially. Wintrust's expected financial results or other plans, including Wintrust’s intention to consummate the offering and issue the Depositary Shares and Wintrust’s intended use of net proceeds from the offering, are subject to a number of risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" and the forward-looking statement disclosure contained in Wintrust’s preliminary prospectus supplement dated May 6, 2020, Wintrust's Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and Wintrust’s Quarterly Report on Form 10-Q for the three months ended March 31, 2020 and in any of the Company’s subsequent SEC filings. Forward-looking statements speak only as of the date made and Wintrust undertakes no duty to update the information.

For more information contact:
Edward J. Wehmer, Founder & Chief Executive Officer
David A. Dykstra, Vice Chairman & Chief Operating Officer
(847) 939-9000
Website address: www.wintrust.com

FAQ

What is the purpose of Wintrust's recent public offering of depositary shares?

Wintrust intends to use the proceeds for general corporate purposes, including investments and debt reduction.

When is the expected closing date for Wintrust's depositary shares offering?

The offering is expected to close on May 15, 2020.

How many depositary shares is Wintrust offering and at what price?

Wintrust is offering 10 million depositary shares at a price of $25.00 each.

What are the expected gross proceeds from Wintrust's public offering?

The offering is expected to generate gross proceeds of $250 million.

Under which symbol will Wintrust's depositary shares be listed on Nasdaq?

The depositary shares are planned to be listed under the symbol 'WTFCE'.