SVB Financial to price senior fixed-to-floaters due 2028, 2033

By Marisa Wong

Los Angeles, April 26 – SVB Financial Group plans to price senior fixed-to-floating rate notes in two tranches due 2028 and 2033, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be fixed initially and will reset to a floating rate based on SOFR in 2027 for the 2028 bonds and in 2032 for the 2033 bonds.

Each series will be callable in whole at par on the date that is one year prior to the applicable maturity date. The bonds will also be callable in whole or in part at par beginning 30 days prior to maturity for the 2028 bonds and beginning 90 days prior to maturity for the 2033 bonds.

Goldman Sachs & Co. LLC, BofA Securities, Inc. and Morgan Stanley & Co. LLC are the joint bookrunners. SVB Securities LLC is co-manager.

U.S. Bank Trust Co., NA is the trustee.

Counsel regarding the validity of the notes was provided to the issuer by Sullivan & Cromwell LLP and to the underwriters by Davis Polk & Wardwell LLP.

Proceeds will be used for general corporate purposes, which may include working capital, capital investments and expenditures, supporting capital ratios at the bank and capitalizing other operating subsidiaries allowing continued support of bank clients.

The financial services and bank holding company is based in Santa Clara, Calif.

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