Silvergate Capital raises $552M in gross proceeds from common stock offering

Silvergate Capital Corp. completed an underwritten public offering of 3,806,895 shares of class A common stock at a price of $145.00 per share before underwriting discounts.

The offering included 496,551 additional shares upon the exercise in full by the underwriters of their option to purchase additional shares.

The aggregate gross proceeds of the offering were approximately $552.0 million before discounts and expenses.

Silvergate intends to use the net proceeds from the proposed offering to augment both its own and its unit Silvergate Bank's regulatory capital levels, as well as for other general corporate purposes, which may include providing capital to support the company's growth organically or through strategic acquisitions and other growth initiatives.

Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Keefe Bruyette & Woods acted as joint bookrunning managers. Compass Point, Craig-Hallum and Wedbush Securities acted as co-managers for the offering. Silvergate was represented by Holland & Knight LLP. The underwriters were represented by Davis Polk & Wardwell LLP.