The Firm represented the underwriters, led by J.P. Morgan Securities LLC and Morgan Stanley Co. Incorporated, in a public offering of 15,081,968 shares common stock by TCF Financial Corporation (“TCF”), including the full exercise of the underwriters’ over-allotment option. Net proceeds of the offering to TCF after deducting underwriting discounts and commissions and estimated offering expenses were approximately $220 million. TCF expects to use the net proceeds of the offering to repay its senior unsecured notes, redeem trust preferred securities upon the occurrence of a future capital treatment event and for general corporate purposes.
TCF is a Wayzata, Minnesota-based national bank holding company with $18.5 billion in total assets. The company has 442 branches in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana, Arizona and South Dakota, providing retail and commercial banking services. TCF also conducts commercial leasing and equipment finance business in all 50 states and commercial inventory finance business in the U.S. and Canada.
The Simpson Thacher team for this transaction included, among others, Lee Meyerson, Lesley Peng, Brian Rosenzweig and Karen S. Wang (Corporate), Gary Rice and Mark Chorazak (Bank Regulatory), Amie Broder (Tax), Jamin Koslowe and David Schneider (Executive Compensation and Employee Benefits), Jennie Getsin (FINRA/Blue Sky) and corporate paralegal David Whelan.