WAYZATA, Minn. -- (Business Wire)
TCF Financial Corporation (“TCF”) (NYSE:TCB) today announced that the
company raised gross proceeds of $100 million through its previously
announced public offering of 6.45% Series B Non-Cumulative Perpetual
Preferred Stock (“Preferred Stock”). In connection with the offering,
TCF issued 4,000,000 shares at a public offering price of $25.00 per
share. The underwriters have a 30-day option, expiring January 11, 2013,
to purchase up to an additional 600,000 shares of Preferred Stock to
cover over-allotments, if any, at the same price for potential
additional gross proceeds of $15 million. Morgan Stanley & Co. LLC and
UBS Securities LLC acted as joint book-running managers. RBC Capital
Markets, LLC and Stifel, Nicolaus & Company, Incorporated served as
Dividends will be payable on the Preferred Stock if, as and when
declared by TCF’s Board of Directors on a non-cumulative basis on March
1, June 1, September 1 and December 1 of each year, commencing on March
1, 2013 at a per annum rate of 6.45%.
Net proceeds of the offering to TCF after deducting underwriting
discounts and commissions and estimated offering expenses were
approximately $96.5 million.
TCF expects to use the net proceeds of the offering for general
corporate purposes, which may include capital to support asset growth.
This announcement shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be any
offer or sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The
offering was made only by means of a prospectus supplement and
accompanying prospectus, copies of which may be obtained from Morgan
Stanley & Co. LLC at 180 Varick Street, New York, NY 10014, Attention:
Prospectus Delivery Department, or by telephone at 866-718-1649 and from
UBS Securities LLC at 299 Park Avenue, New York, NY 10171, Attention:
Prospectus Specialist, or by telephone at 877-827-6444, ext. 561-3884.
About TCF Financial Corporation
TCF is a Wayzata, Minnesota-based national bank holding company with
$17.9 billion in total assets at September 30, 2012. The company has
nearly 430 branches in Minnesota, Illinois, Michigan, Colorado,
Wisconsin, Indiana, Arizona and South Dakota, providing retail and
commercial banking services. TCF, through its subsidiaries, also
conducts commercial leasing and equipment finance business in all 50
states, commercial inventory finance business in the U.S. and Canada,
and indirect auto finance business in 40 states.
Safe Harbor for Forward-Looking Information
This press release may contain projections and other “forward-looking”
statements within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements deal with future results, plans or performance. We caution
you that such statements are predictions and that actual events or
results may differ materially. TCF’s expected financial results or other
plans are subject to a number of risks and uncertainties. Please see the
forward-looking statement disclosure contained in the prospectus
supplement relating to the Preferred Stock dated as of the date hereof
for more information about risks and uncertainties. Forward-looking
statements speak only as of the date made and TCF undertakes no duty to
update the information.
TCF Financial Corporation, Wayzata
Jason Korstange, 952-745-2755
Source: TCF Financial Corporation
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