On Monday SVB Financial Group (NASDAQ:SIVB) stock traded volume of 331165 shares during its last trading session as compared to its average volume of 421278 shares over the recent month. SIVB ended its day with the negative stream along the move of -0.84% and closed at the price of $229.79 before opening at $232.66. It has total market capitalization is $11849805777. 52week range of the stock remained $ 177.7 – 263.16 while its day lowest price was $229.32 and its hit its day highest price at $235.1.
On Dec. 2, 2019, SVB Financial Group (NASDAQ:SIVB) revealed the pricing of an offering of 14,000,000 depositary shares, each representing a 1/40th interest in a share of its 5.250% fixed-rate non-cumulative perpetual Series A Preferred Stock, liquidation amount $1,000 per share (equivalent to $25 per depositary share) at an aggregate offering price of $350 million. The offering is expected to close on December 9, 2019, subject to customary closing conditions.
SVB intends to use the net proceeds of the offering for general corporate purposes, which may include the retirement of a portion of its outstanding debt, including the early redemption of its outstanding $350 million 5.375% Senior Notes due 2020, which is set to occur on December 20, 2019.
BofA Securities, Morgan Stanley & Co. LLC, and Wells Fargo Securities, LLC are acting as joint book-running managers for the offering. Keefe, Bruyette & Woods is acting as co-manager.
About SVB Financial Group
For more than 35 years, SVB Financial Group (NASDAQ: SIVB) and its subsidiaries have helped innovative companies and their investors move bold ideas forward, fast. SVB Financial Group’s businesses, including Silicon Valley Bank, offer commercial, investment and private banking, asset management, private wealth management, brokerage and investment services and funds management services to companies in the technology, life science and healthcare, private equity and venture capital, and premium wine industries. Headquartered in Santa Clara, California, SVB Financial Group operates in centers of innovation around the world.
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