Banc of California Announces Pricing of Common Stock Offering

Mar 03, 2016, 07:30 ET from Banc of California, Inc.

IRVINE, Calif., March 3, 2016 /PRNewswire/ -- Banc of California, Inc. (the "Company") (NYSE: BANC), the holding company for Banc of California, National Association, today announced the pricing of its offering of 4,850,000 shares of its voting common stock, par value $0.01 per share (the "offering"), at a public offering price of $14.50 per share, for gross proceeds of $70,325,000.  The Company expects to use the net proceeds from the offering for general corporate purposes and possibly to redeem certain of its outstanding indebtedness.

The underwriters of the offering will have a 30-day over-allotment option to purchase up to an additional 727,500 shares which, if fully exercised, would provide additional gross proceeds of $10,548,750.  The Company's voting common stock is listed on the New York Stock Exchange under the symbol "BANC." 

UBS Securities LLC, J.P. Morgan, Wells Fargo Securities, Keefe, Bruyette & Woods, and Sandler O'Neill + Partners are acting as lead book-running managers for the common stock offering. Wachtell, Lipton, Rosen & Katz is serving as outside legal counsel to the Company.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any offer or sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful. The offering is being made only by means of a separate prospectus supplement and accompanying base prospectus. The Company has filed a registration statement (File No. 333-192518) (including a base prospectus) and a preliminary prospectus supplement with the Securities and Exchange Commission (the "SEC") for the offering and will file a final prospectus supplement for the offering.  Prospective investors should read the registration statement including the base prospectus, the preliminary prospectus supplement and the final prospectus supplement (when available) and the other documents the Company has filed with the SEC for more complete information about the Company and the offering. Investors may obtain these documents without charge by visiting the SEC website at Alternatively, copies of the preliminary prospectus supplement and the accompanying base prospectus for the offering may be obtained by calling UBS Securities LLC at (888) 827-7275.

About Banc of California, Inc. Banc of California, Inc. (NYSE: BANC) provides comprehensive banking services to California's diverse private businesses, entrepreneurs and homeowners. Banc of California operates over 100 offices in California and the West.

Forward-Looking Statements This press release includes forward-looking statements within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are necessarily subject to risk and uncertainty and actual results could differ materially from those anticipated due to various factors, including those set forth in the preliminary prospectus supplement for the offering under the caption "Cautionary Note Regarding Forward-Looking Statements" and in other documents filed or furnished by Banc of California, Inc. with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements and Banc of California, Inc. undertakes no obligation to update any such statements to reflect circumstances or events that occur after the date on which the forward-looking statement is made.


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SOURCE Banc of California, Inc.