Holland & Knight Advises Silvergate Capital on $200 Million Depositary Shares Offering

WASHINGTON (August 19, 2021) – Holland & Knight advised Silvergate Capital Corporation (NYSE: SI) on its public offering of 8 million depositary shares, each representing 1/40th ownership interest in a share of its 5.375% fixed rate non-cumulative perpetual preferred stock, Series A. The offering, which was completed on August 4, generated gross proceeds of $200 million.

Based in La Jolla, California, Silvergate is the leading provider of innovative financial infrastructure solutions and services for the growing digital currency industry. The company intends to use the net proceeds from the offering to further supplement its regulatory capital levels and that of its wholly-owned subsidiary Silvergate Bank and for other general corporate purposes including growth initiatives.

Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Keefe, Bruyette & Woods, Inc. and UBS Securities LLC acted as joint book-running managers on the offering.

Holland & Knight Partners Kevin Houlihan and William Levay and Associates Amelia Occhino and Ross Tuminello led the firm’s representation of Silvergate in the transaction.

More information about the transaction can be found here.