Wintrust Financial in Rosemont, Ill., has filed plans for a potential offering of perpetual preferred stock.
The $20.4 billion-asset company said in a news release that it could offer fixed-to-floating rate non-cumulative perpetual preferred stock, according to a shelf registration filed with the Securities and Exchange Commission.
The shares have a liquidation preference of $25 per share. Wintrust did not disclose an estimate of proceeds from the offering.
Wintrust plans to use the proceeds for general corporate purposes, including investments at the holding company level, providing capital for company growth, mergers and acquisitions, including Federal Deposit Insurance Corp.-assisted acquisitions and reducing or refinancing existing debt.
Incapital and U.S. Bancorp Investments are joint book-running managers on the offering. Sidley Austin is legal counsel to Wintrust.