PrivateBancorp announces intent to delist, deregister
PrivateBancorp announced that it has notified the New York Stock Exchange of its intention to delist its 7.125 percent Subordinated Debentures due 2042, which currently trade under ticker symbol "PVTD," and has notified the Nasdaq Global Select Stock Market of its intention to delist the 10% Trust Preferred Securities of PrivateBancorp Capital Trust IV, which currently trade under ticker symbol "PVTBP." Both actions are being taken in anticipation of the closing of the acquisition by Canadian Imperial Bank of Commerce of PrivateBancorp that, as previously announced, is expected to close on June 23, 2017, which will result in the successor company to PrivateBancorp being a wholly owned subsidiary of CIBC following the closing. PrivateBancorp expects to file Form 25 notifications prior to market open on June 23, 2017, with the Securities and Exchange Commission to request the removal of the Debentures and the Listed TruPS from listing on the NYSE and Nasdaq, respectively, and to deregister such securities under Section 12b of the Securities Exchange Act of 1934, as amended. In addition, as further described below, it is currently anticipated that, following the closing of the CIBC acquisition, the Debentures and the Listed TruPS will be called for redemption on their first available redemption date following the closing. PrivateBancorp expects trading in the Debentures and the Listed TruPS will be suspended on June 23, 2017, and that the delisting of the Debentures and the Listed TruPS will become effective 10 days from the filing date of each respective Form 25. Upon effectiveness of each Form 25 filing, it is expected that Form 15 filings will be made with the SEC to terminate the registration of the Debentures and the Listed TruPS under Section 12g of the Exchange Act, and to notify the SEC of the suspension of PrivateBancorp's public reporting obligations with respect to the Debentures and Listed TruPS.