The Firm represented the underwriters, Morgan Stanley & Co. LLC, UBS Securities LLC, J.P. Morgan Securities LLC and RBC Capital Markets, LLC, in connection with the registered offering by TCF Financial Corporation of $175 million aggregate principal amount of 7,000,000 depositary shares, each representing a 1/1000th interest in a share of TCF’s Series C Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share, with a liquidation preference of $25,000 per share (equivalent to $25 per depositary share) at a public offering price of $25 per depositary share.
TCF expects to use the net proceeds from the offering plus cash on hand to redeem all of its Series A Non-Cumulative Perpetual Preferred Stock and the subsequent redemption of the related depositary shares.
TCF Financial Corporation (NYSE: TCF), is a national bank holding company based in Wayzata, Minnesota, with total assets of $22.1 billion as of June 30, 2017. Through its wholly owned subsidiary, TCF National Bank, a national bank, it operates bank branches in Illinois, Minnesota, Michigan, Colorado, Wisconsin, Arizona and South Dakota, providing retail and commercial banking services. TCF National Bank also conducts commercial leasing, equipment finance and indirect auto finance business in all 50 states and commercial inventory finance business in all 50 states and Canada.
The Simpson Thacher team included Lee Meyerson, Lesley Peng, Rodrigo Surcan dos Santos and Dennis Durkin (Capital Markets); Mark Chorazak and Spencer Sloan (Bank Regulatory); Jamin Koslowe and Joo Hyun Lee (Executive Compensation and Employee Benefits); Jonathan Cantor and George Davis (Tax); and Jennie Getsin (FINRA and Blue Sky).