Wintrust Financial Corp. in Lake Forest, Ill., is raising capital to repay government funding.

The $14.2 billion-asset company announced a two-pronged capital plan late Monday. The first part is to be a public offering of 3.2 million shares of common stock. On Tuesday, the company said it would sell the stock at $30 per share, a 6.9% discount from Monday's closing price. The offering is expected to raise $91.1 million in net proceeds.

Wintrust also plans to sell 4 million tangible equity units, which it priced at $50 a unit on Tuesday. The units combine a prepaid stock purchase contract and a junior subordinated amortizing note. The stock purchase contract has an effective date of Dec. 15, 2013, and would be settled for 1.33 to 1.66 shares of common stock. Selling those securities should generate $193.6 million of capital, the company said.

In total, Wintrust expects to realize roughly $285 million in all. Overallotments could bring in an additional $45 million.

The company said that the bulk of the proceeds would go toward redeeming the $250 million of preferred stock it issued to the Treasury Department in December 2008 as part of the Troubled Asset Relief Program.

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