Silvergate Capital $200 million preferred stock offering
Davis Polk advised the representatives of the several underwriters in connection with Silvergate Capital Corporation’s SEC-registered offering of 8,000,000 depositary shares, each representing a 1/40th ownership interest in a share of its 5.375% non-cumulative perpetual preferred stock, Series A, par value $0.01 per share, with a liquidation preference of $25 per depositary share (equivalent to $1,000 per share of Series A preferred stock). The gross proceeds from the offering totaled approximately $200 million.
Silvergate Capital is the leading provider of innovative financial infrastructure solutions and services for the growing digital currency industry. The company’s real-time payments platform, known as the Silvergate Exchange Network, is at the heart of its customer-centric suite of payments, lending and funding solutions serving an expanding class of digital currency companies and investors around the world. Silvergate is enabling the rapid growth of digital currency markets and reshaping global commerce for a digital currency future.
The Davis Polk capital markets team included partner Derek Dostal and associate Michael Stromquist. Partner Po Sit provided tax advice. All members of the Davis Polk team are based in the New York office.