SVB Financial Group $1.25 billion offerings of senior notes and perpetual preferred stock
We advised the underwriters on the concurrent investment-grade debt and depositary shares offerings
2/2/2021

Davis Polk advised the joint book-running managers and representatives of the several underwriters, in connection with the concurrent SEC-registered offerings by SVB Financial Group of $500 million aggregate principal amount of the company’s 1.800% senior notes due 2031 and 750,000 depositary shares, each representing a 1/100th ownership interest in a share of its Series B non-cumulative perpetual preferred stock, par value $0.001 per share, with a liquidation preference of $1000 per depositary share (equivalent to $100,000 per share of Series B preferred stock). The gross proceeds from the offerings totaled approximately $1.25 billion.

Based in Santa Clara, California, SVB Financial Group's businesses, including Silicon Valley Bank, offer commercial 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.

The Davis Polk capital markets team included partner Alan F. Denenberg, counsel Jeffrey Gould and associate Travis B. Mitchell. Partner Pritesh P. Shah, associate Jay Frankel provided intellectual property advice. Counsel Daniel E. Newman and associate Russell Quarles provided regulatory advice. The tax team included partner Michael Farber and associate Ben Levenback. Associate Brantley Hawkins provided 1940 Act advice. Members of the Davis Polk team are based in the Northern California and New York offices.