Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers S > Headlines for SVB Financial Group > News item |
SVB Financial Group gets tenders for $108.6 million 5.7% notes, $204 million 6.05% notes
By Jennifer Chiou
New York, May 3 - SVB Financial Group announced that wholly owned subsidiary Silicon Valley Bank accepted tenders for $108.6 million of its 5.7% senior notes due 2012 and $204 million of its 6.05% subordinated notes due 2017 in the any and all offers that wrapped on May 2.
The company will fund the offers using cash on hand and was to pay on Tuesday $1,052.24 per $1,000 principal amount of 5.7% notes and $1,124.80 per $1,000 principal amount of 6.05% notes plus accrued interest.
In connection with the tenders, SVB said in a news release that it terminated a corresponding amount of the two interest rate swaps associated with the notes, resulting in a roughly $3 million gain.
Goldman Sachs & Co. was the dealer manager.
The financial services and bank holding company is based in Santa Clara, Calif.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.