UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 | Regulation FD Disclosure. |
On November 15, 2019, SVB Financial Group (the “Company”) issued a press release announcing that it will redeem all $350,000,000 aggregate principal amount of its 5.375% Senior Notes due 2020.
A copy of the Company’s press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The information contained in this report and in the exhibit hereto is intended to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits. |
Exhibit |
Description | |||
99.1 |
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104 |
Cover Page Interactive Data File (formatted as inline XBRL). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: November 15, 2019 |
SVB FINANCIAL GROUP | |||||
By: |
/s/ Daniel Beck | |||||
Name: |
Daniel Beck | |||||
Title: |
Chief Financial Officer |
Exhibit 99.1
SVB Financial Group Announces Redemption of 5.375% Senior Notes due 2020
SANTA CLARA, Calif. November 15, 2019 SVB Financial Group (SVB) (NASDAQ: SIVB) today announced that it will redeem all $350,000,000 aggregate principal amount of its 5.375% Senior Notes due 2020 (CUSIP No. 78486QAC5) (the Notes), on December 20, 2019 (the Redemption Date). The Notes will be redeemed at a redemption price equal to (1) the greater of (x) 100% of the principal amount of the Notes, and (y) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes, not including any portion of such payments of interest accrued as of the Redemption Date, discounted to the Redemption Date on a semiannual basis assuming a 360-day year consisting of twelve 30-day months, at an adjusted treasury rate to be calculated with reference to a United States Treasury security to be selected by the quotation agent in the manner described in the Notes, plus 45 basis points, plus, (2) in each case, accrued interest on the Notes to, but excluding, the Redemption Date.
SVB has instructed U.S. Bank National Association, as the trustee for the Notes, to distribute a Notice of Redemption to all registered holders of the Notes on November 15, 2019. Copies of such Notice of Redemption and additional information relating to the procedure for redemption of the Notes may be obtained from U.S. Bank National Association.
About SVB Financial Group
For more than 35 years, SVB Financial Group (NASDAQ: SIVB) and its subsidiaries have helped innovative companies and their investors move bold ideas forward, fast. SVB Financial Groups businesses, including Silicon Valley Bank, offer commercial, investment 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. Headquartered in Santa Clara, California, SVB Financial Group operates in centers of innovation around the world. Learn more at www.svb.com.
SVB Financial Group is the holding company for all business units and groups © 2019 SVB Financial Group. All rights reserved. SVB, SVB >, SVB Financial Group, Silicon Valley Bank, Make Next Happen Now and the chevron device are trademarks of SVB Financial Group, used under license. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond SVB Financial Groups control. Forward-looking statements are statements that are not historical facts and generally can be identified by the use of such words as becoming, may, will, should, could, would, predict, potential, continue, anticipate, believe, estimate, seek, expect, plan, intend, the negative of such words or comparable terminology. Although SVB Financial Group believes that the expectations reflected in SVB Financial Groups forward-looking statements are reasonable, SVB Financial Group has based these expectations on its current beliefs as well as its assumptions, and such expectations may not prove to be correct. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to
predict and many of which are outside SVB Financial Groups control. SVB Financial Groups actual results of operations and financial performance could differ significantly from those expressed in or implied by SVB Financial Group forward-looking statements. The forward-looking statements included in this disclosure are made only as of the date of this disclosure. SVB Financial Group does not intend, and undertakes no obligation, to update these forward-looking statements.
Investor Contacts:
Meghan OLeary
Investor Relations
Silicon Valley Bank
moleary@svb.com
Media Contacts:
Eileen Nolan
Public Relations
Silicon Valley Bank
enolan@svb.com
Document and Entity Information |
Nov. 15, 2019 |
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Cover [Abstract] | |
Amendment Flag | false |
Entity Central Index Key | 0000719739 |
Document Type | 8-K |
Document Period End Date | Nov. 15, 2019 |
Entity Registrant Name | SVB Financial Group |
Entity Incorporation State Country Code | DE |
Entity File Number | 000-15637 |
Entity Tax Identification Number | 91-1962278 |
Entity Address, Address Line One | 3003 Tasman Drive |
Entity Address, City or Town | Santa Clara |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 95054-1191 |
City Area Code | (408) |
Local Phone Number | 654-7400 |
Written Communications | false |
Soliciting Material | false |
Pre Commencement Tender Offer | false |
Pre Commencement Issuer Tender Offer | false |
Security 12b Title | Common Stock, par value $0.001 per share |
Trading Symbol | SIVB |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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