Wintrust Financial Launches $425 Million Preferred Stock Offering

Published 2 days agoWTFC

Wintrust Financial Launches $425 Million Preferred Stock Offering

Wintrust Financial Corporation has announced the pricing of its latest preferred stock offering, valued at $425 million. This offering includes 17 million depositary shares, each corresponding to a 1/1,000th interest in a share of the company's 6.25% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series F. The initiative aims to offer a fixed dividend rate of 6.25% per annum for the initial five years, after which the rate will adjust every five years based on the current five-year U.S. Treasury rate plus an additional 4%. The full transaction is anticipated to close by May 15, 2025, pending customary closing conditions.

Wintrust intends to use the proceeds from this offering for general corporate purposes. These may encompass investments at the holding company level, facilitating growth, acquisitions, and even refinancing of existing debt. The depositary shares are slated for listing on The Nasdaq Global Select Market, trading under the symbol 'WTFCF.' RBC Capital Markets and Wells Fargo Securities are the joint book-running managers for the offering, ensuring the financial orchestrations are handled seamlessly.

This move marks another step in Wintrust's series of strategic financial maneuvers, following previous preferred stock offerings of $250 million in 2020 and $125 million in 2015. As reported by Nasdaq, Wintrust posted a record net income of $695 million for the year ending December 31, 2024, highlighting a significant growth from $622.6 million in 2023. Investors considering participating in this offering are advised to review the prospectus supplement for comprehensive details.

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