Item 3.03. Material Modification to Rights of Security Holders.
Upon issuance of the Series C Non-Cumulative Perpetual Preferred Stock,
liquidation amount of $100,000 per share (the "Series C Preferred Stock"), by
SVB Financial Group (the "Registrant") on May 13, 2021, the ability of the
Registrant to declare or pay dividends on, or purchase, redeem or otherwise
acquire, shares of its common stock or any shares of other stock of the
Registrant that rank junior to the Series C Preferred Stock will be subject to
certain restrictions in the event that the Registrant does not declare and pay
(or set aside) dividends on the Series C Preferred Stock for the last preceding
dividend period, and the ability of the Registrant to declare full dividends on
any preferred stock that ranks equally with the Series C Preferred Stock will be
subject to certain limitations in the event the Registrant declares partial
dividends on the Series C Preferred Stock. The terms of the Series C Preferred
Stock, including such restrictions, are more fully described in, and this
description is qualified in its entirety by reference to, the Certificate of
Designations (as defined in Item 5.03 below), a copy of which is filed as
Exhibit 3.1 to this Current Report on Form 8-K and is incorporated herein by
reference.
Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal
Year.
On May 12, 2021, the Registrant filed a Certificate of Designations (the
"Certificate of Designations") with the Secretary of State of the State of
Delaware to establish the preferences, limitations and relative rights of the
Series C Preferred Stock. The Certificate of Designations became effective upon
filing, and a copy is filed as Exhibit 3.1 to this Current Report on Form 8-K
and is incorporated herein by reference.
Item 8.01. Other Events.
Depositary Shares Offering
On May 6, 2021, the Registrant entered into an underwriting agreement (the
"Preferred Stock Underwriting Agreement") with BofA Securities, Inc. and Goldman
Sachs & Co. LLC, as representatives of the several underwriters listed therein,
relating to the public offering of 1,000,000 depositary shares (the "Depositary
Shares"), each representing a 1/100th interest in a share of the Series C
Preferred Stock. The Preferred Stock Underwriting Agreement contains various
representations, warranties and agreements by the Registrant, conditions to
closing, indemnification rights and obligations of the parties thereto and
termination provisions. The description of the Preferred Stock Underwriting
Agreement set forth above is qualified in its entirety by reference to the
Preferred Stock Underwriting Agreement, a copy of which is filed as Exhibit 1.1
to this Current Report on Form 8-K and incorporated herein by reference. This
Current Report on Form 8-K is being filed for the purpose of filing Exhibit 1.1
as an exhibit to the Registrant's registration statement on Form S-3 (File
No. 333-234713) (the "Registration Statement") and such exhibit is hereby
incorporated by reference into the Registration Statement.
The Depositary Shares were issued pursuant to a Deposit Agreement (the "Deposit
Agreement"), dated May 13, 2021, among the Registrant, and American Stock
Transfer and Trust Company, LLC., acting as depositary, and the holders from
time to time of the Depositary Receipts as defined in the Deposit Agreement. A
copy of the Deposit Agreement is attached hereto as Exhibit 4.2 and the form of
Depositary Receipt is included as Exhibit A of the Deposit Agreement. The form
of certificate representing the Series C Preferred Stock is attached hereto as
Exhibit 4.3.
A copy of the opinion of Sullivan & Cromwell LLP, counsel for the Registrant,
relating to the legality of the issuance and sale of the Depositary Shares is
attached as Exhibit 5.1 to this Current Report on Form 8-K. Exhibits 5.1 and
23.1 of this Current Report on Form 8-K are hereby incorporated by reference
into the Registration Statement.
Senior Notes Offering
On May 13, 2021, the Registrant issued and sold at the holding company level
$500,000,000 aggregate principal amount of its 2.100% Senior Notes due 2028 (the
"Notes"). The net proceeds to the Registrant from the sale of the Notes, after
deducting underwriting discounts and estimated expenses payable by the
Registrant, will be approximately $495.6 million, and will be used by the
Registrant for general corporate purposes. The Notes bear interest at an annual
rate of 2.100% and will mature on May 15, 2028. The Registrant may redeem the
Notes, in whole or in part, at any time and from time to time at the applicable
redemption prices set forth in the form of Notes attached
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hereto as Exhibit 4.7. The Notes were sold pursuant to an underwriting agreement
(the "Debt Underwriting Agreement") with BofA Securities, Inc. and Goldman
Sachs & Co. LLC, as representatives of the several underwriters listed therein,
dated May 6, 2021. The Debt Underwriting Agreement contains various
representations, warranties and agreements by the Registrant, conditions to
closing, indemnification rights and obligations of the parties thereto and
termination provisions. The Notes were issued pursuant to an Indenture, dated
September 20, 2010 (the "Indenture"), between the Registrant and U.S. Bank
National Association, as trustee, and an Officers' Certificate, dated May 13,
2021, authorizing the terms of the Notes (the "Officers' Certificate").
The above description of the Debt Underwriting Agreement, the Indenture, the
Officers' Certificate and the Notes is qualified in its entirety by reference to
the Debt Underwriting Agreement, the Indenture, the Officers' Certificate and
the form of Notes, each of which is incorporated herein by reference and
attached to this Current Report on Form 8-K as Exhibit 1.2, Exhibit 4.5, Exhibit
4.6 and Exhibit 4.7, respectively.
This Current Report on Form 8-K is being filed for the purpose of filing Exhibit
1.2, Exhibit 4.6 and Exhibit 4.7 as exhibits to the Registration Statement and
such exhibits are hereby incorporated by reference into the Registration
Statement.
A copy of the opinion of Sullivan & Cromwell LLP, counsel for the Registrant,
relating to the legality of the issuance and sale of the Notes is attached as
Exhibit 5.2 to this Current Report on Form 8-K. Exhibits 5.2 and 23.2 of this
Current Report on Form 8-K are hereby incorporated by reference into the
Registration Statement.
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Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number Description
1.1 Underwriting Agreement, dated May 6, 2021, among SVB Financial Group
and BofA Securities, Inc. and Goldman Sachs & Co LLC, as
representatives of the several underwriters listed on Schedule 1
thereto
1.2 Underwriting Agreement, dated May 6, 2021, among SVB Financial Group
and BofA Securities, Inc. and Goldman Sachs & Co LLC, as
representatives of the several underwriters listed on Schedule 1
thereto
3.1 Certificate of Designations of the Registrant with respect to the
Series C Preferred Stock, dated May 12, 2021, filed with the Secretary
of State of the State of Delaware and effective May 12, 2021
4.1 Filed as Exhibit 3.1
4.2 Deposit Agreement, dated May 13, 2021, among SVB Financial Group and
American Stock Transfer and Trust Company, LLC, acting as depositary,
and the holders from time to time of the Depositary Receipts described
therein
4.3 Form of certificate representing the Series C Preferred Stock
4.4 Form of Depositary Receipt (included as Exhibit A to Exhibit 4.2)
4.5 Indenture, dated September 20, 2010, by and between SVB Financial
Group and U.S. Bank National Association, as trustee (incorporated by
reference from Exhibit 4.1 of the Registrant's Current Report on Form
8-K filed on September 20, 2010)
4.6 Officers' Certificate dated May 13, 2021, delivered pursuant to the
Indenture
4.7 Form of 2.100% Senior Notes due 2028
5.1 Opinion of Sullivan & Cromwell LLP with respect to the Depositary
Shares
5.2 Opinion of Sullivan & Cromwell LLP with respect to the Notes
23.1 Consent of Sullivan & Cromwell LLP (included in Exhibit 5.1)
23.1 Consent of Sullivan & Cromwell LLP (included in Exhibit 5.2)
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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