Markets
U.S. open in 5 hrs, 40 mins
BUSINESS NEWS
- Market News
- Earnings
- Recalls
- Recession Watch
- Tech News
- Madoff Scandal
- BloggingStocks
- Luxist
- Money Videos
INVESTING
- Stock Quotes
- Stock Charts
- Stock Ticker
- Currencies
- Portfolio
- Stock Screener
- Broker Center
- Mutual Fund Center
- ETF Center
- Money
- 24/7 Wall St.
- Financial Glossary
PERSONAL FINANCE AT WALLETPOP
- Bargains
- Banking
- Budget
- Calculators
- College Finance
- Community
- Credit
- Deals
- Debt
- Economizer
- Food
- Home
- Fraud
- Insurance
- Interest Rates
- Loans
- Mortgages
- Real Estate
- Recalls
- Recession
- Retirement
- Saving
- Simplification
- Specials
- Taxes
SMALL BUSINESS
SVB Financial closes $300M public offering
AP
SANTA CLARA, Calif. -SVB Financial Group, the holding company for SVB Silicon Valley Bank, announced Tuesday the closing of a $300 million public stock offering.
SVB Financial said proceeds totaled about $286 million after commissions and expenses. The company sold 7.8 million shares at $38.50 per share.
The company has previously said it will use proceeds to repurchase all 235,000 shares of its outstanding Series B Fixed Rate Cumulative Perpetual Preferred Stock and a warrant to buy 708,116 common shares issued to the Treasury under its Capital Purchase Program.
Proceeds will also be used for general corporate purposes, the company has said.
Shares of SVB Financial slipped 2 cents to $37.99 in after-hours trading, after falling 44 cents during the regular session.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-11-24 16:47:18
COMMENTS ( 0 )