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PACW - PacWest Bancorp News Story

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Sector
Financials
Size
Large Cap
Market Cap £3.50bn
Enterprise Value £3.72bn
Revenue £852.8m
Position in Universe 1473rd / 6938

Pacific Western Bank Announces Pricing of $400 Million Subordinated Debt Offering

Wed 28th April, 2021 1:30pm
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LOS ANGELES, April 28, 2021 (GLOBE NEWSWIRE) -- Pacific Western Bank (the
“Bank”), the wholly-owned banking subsidiary of PacWest Bancorp (Nasdaq:
PACW), announced today the pricing of $400 million aggregate principal amount
of its 3.25% Fixed-to-Floating Rate Subordinated Notes due 2031 (the
“Notes”). The Notes have an initial fixed interest rate of 3.25%, payable
semi-annually in arrears. From and including May 1, 2026, the Notes will bear
interest at a floating rate per annum equal to a benchmark rate, which is
expected to be three-month term SOFR plus 252 basis points for each quarterly
interest period during the floating rate period, payable quarterly in arrears.

The Notes are intended to qualify as Tier 2 capital for regulatory purposes.
The offering is expected to close on April 30, 2021, subject to the
satisfaction of customary closing conditions. The Bank intends to use the net
proceeds of the offering for general corporate purposes, including to provide
capital to support growth and the capital adequacy of the Bank. The Bank may
redeem the Notes in whole or in part, beginning on May 1, 2026, and on every
interest payment date thereafter, at a redemption price equal to 100% of the
principal amount of the Notes redeemed, plus accrued and unpaid interest to
but excluding the date of redemption. The Notes were issued at a price of 100%
of their face amount.

Piper Sandler & Co. acted as bookrunner in the Notes offering.

This press release is for informational purposes only and shall not constitute
an offer to sell, or the solicitation of an offer to buy, any security, nor
shall there be any sale of the Notes in any jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The Notes have
not been registered under the Securities Act of 1933, as amended (the
“Securities Act”), and are being offered and sold only to institutional
accredited investors within the meaning of the Securities Act in reliance on
the exemption contained in Section 3(a)(2) of the Securities Act. The
indebtedness evidenced by the Notes is not a deposit and is not insured by the
Federal Deposit Insurance Corporation or any other government agency or fund.

ABOUT PACWEST BANCORP

PacWest Bancorp (“PacWest”) is a bank holding company with over $32
billion in assets headquartered in Los Angeles, California, with an executive
office in Denver, Colorado, with one wholly-owned banking subsidiary, Pacific
Western Bank (the “Bank”). The Bank has 70 full-service branches located
in California, one branch located in Durham, North Carolina, and one branch
located in Denver, Colorado. The Bank provides community banking products
including lending and comprehensive deposit and treasury management services
to small and medium-sized businesses conducted primarily through our
California-based branch offices and Denver, Colorado branch office. The Bank
offers national lending products including asset-based, equipment, and real
estate loans and treasury management services to established middle-market
businesses on a national basis. The Bank also offers venture banking products
including a comprehensive suite of financial services focused on
entrepreneurial and venture-backed businesses and their venture capital and
private equity investors, with offices located in key innovative hubs across
the United States. For more information about PacWest Bancorp or Pacific
Western Bank, visit www.pacwest.com.

CONTACTS

 Matthew P. Wagner President and CEO 303.802.8900  Bart R. Olson Executive Vice President and CFO 714.989.4149  William J. Black Executive Vice President Strategy and Corporate Development 919.597.7466  

 

(https://www.globenewswire.com/NewsRoom/AttachmentNg/07407c97-bf90-4ba0-8831-19256df07597)



GlobeNewswire, Inc. 2021
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