SVB Financial has priced its public offering of 7.8 million shares of common stock at $38.5 per share to raise proceeds of $300.3 million.

SVB Financial has also granted the underwriters a 30-day over-allotment option to purchase up to 1.17 million additional shares of common stock.

Announcement (November 16, 2009):

SVB Financial intends to offer approximately $300 million worth of common stock in a public offering.

In connection with the offering, the underwriters will have an option to purchase up to an additional 15% of the number of shares of common stock sold in the offering to cover over-allotments, if any.

J.P. Morgan Securities Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated are serving as joint book-running managers, while Keefe, Bruyette & Woods, Inc., RBC Capital Markets Corporation and Sandler O'Neill & Partners, L.P. are serving as co-managers for the offering.

Deal Value (US$ Million) 300.3
Deal Type                IPO
Sub-Category             Secondary Offering
Deal Status              Completed: 2009-11-24

Deal Participants

Target (Company) SVB Financial Group

Deal Rationale

SVB Financial will use the proceeds from the offering to repurchase all 235,000 shares of the company's outstanding Series B fixed rate cumulative perpetual preferred stock and the warrant to purchase 708,116 shares of common stock issued to the US Treasury under its Capital Purchase Program. If the company does not use the net proceeds of the offering to repurchase the Series B preferred stock and the warrant, it will use the net proceeds for general corporate purposes, including working capital and continued lending to clients through its banking subsidiary, Silicon Valley Bank.

Offer Price ($ per share) 38.5
No. Shares Issued         7800000

JP Morgan Securities and Bank of America Merrill Lynch acted as the joint bookrunning managers of this offering and Keefe, Bruyette & Woods, RBC Capital Markets and Sandler O'Neill & Partners acted as co-managers.

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The company received net proceeds of approximately $286 million after deducting underwriting discounts and commissions and estimated offering expenses payable by the company.

California-based SVB Financial Group is a financial holding company that serves companies in the technology, life science, venture capital/private equity and premium wine industries.

The company operates through 27 offices in the U.S., as well as offices in China, India, Israel and the United Kingdom. Banking services are provided by Silicon Valley Bank. SVB Private Client Services is a division of Silicon Valley Bank.

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J.P. Morgan Securities Inc. and BofA Merrill Lynch acted as the joint-bookrunning managers of this offering and Keefe, Bruyette & Woods, Inc., RBC Capital Markets Corporation and Sandler O'Neill & Partners, L.P. acted as co-managers. A copy of the final prospectus relating to the offering may be obtained from J.P. Morgan Securities Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by calling (866) 803-9204 or from BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attn: Preliminary Prospectus Department or by emailing Prospectus.Requests@ml.com.

About SVB Financial Group

SVB Financial Group is a financial holding company that serves companies in the technology, life science, venture capital/private equity and premium wine industries. Offering diversified financial services through Silicon Valley Bank, SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services, SVB Financial Group provides clients with commercial, investment, international and private banking services. The Company also offers funds management, broker-dealer services, asset management and a wide range of financial services for companies of all sizes and stages. Headquartered in Santa Clara, California, SVB Financial Group operates through 27 offices in the U.S., as well as offices in China, India, Israel and the United Kingdom. (SIVB-F)

Banking services are provided by Silicon Valley Bank, the California bank subsidiary and commercial banking operation of SVB Financial Group, and a member of the FDIC and the Federal Reserve. SVB Private Client Services is a division of Silicon Valley Bank. SVB Financial Group is also a member of the Federal Reserve.

SOURCE SVB Financial Group

http://www.svb.com