Silvergate Capital Corporation’s $287.5 Million Rights Offering

Holland & Knight LLP advised Silvergate Capital Corporation on the deal, while Davis Polk advised the representatives of the several underwriters.

Silvergate Capital Corporation (NYSE: SI) announced its underwritten public offering of $287.5 million of shares of Class A common stock. The offering was completed on Jan. 26, 2021.

Goldman Sachs & Co. LLC, Keefe, Bruyette & Woods, A Stifel Company, and Canaccord Genuity acted as joint lead book-running managers for the offering. Compass Point and Craig-Hallum acted as co-managers.

Silvergate intends to use the net proceeds from the proposed offering to further supplement the regulatory capital levels of the company and its wholly-owned subsidiary, Silvergate Bank, and for other general corporate purposes.

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’s real-time payments platform, known as the Silvergate Exchange Network, is at the heart of its customer-centric suite of payments, lending and funding solutions serving an expanding class of digital currency companies and investors around the world.

Holland & Knight Partners Kevin Houlihan (Picture), Mark Goldschmidt and William Levay and Associate Benjamin St. Angelo led the firm’s representation of Silvergate in the transaction.

Davis Polk advised the representatives of the several underwriters with partner Derek Dostal and associates Stephen A. Byeff and Alexa Póo. The financial institutions team included counsel Daniel E. Newman and associate Alba Baze. The tax team included partner Po Sit and associate Tomislava Dragicevic. Counsel Marcie A. Goldstein provided FINRA advice.

Involved fees earner: Alba Baze – Davis Polk & Wardwell; Stephen Byeff – Davis Polk & Wardwell; Derek Dostal – Davis Polk & Wardwell; Tomislava Dragicevic – Davis Polk & Wardwell; Marcie Goldstein – Davis Polk & Wardwell; Daniel Newman – Davis Polk & Wardwell; Alexa Póo – Davis Polk & Wardwell; Po Sit – Davis Polk & Wardwell; Mark Goldschmidt – Holland & Knight; Kevin Houlihan – Holland & Knight; William Levay – Holland & Knight; Benjamin St Angelo – Holland & Knight;

Law Firms: Davis Polk & Wardwell; Holland & Knight;

Clients: Canaccord Genuity; Compass Point Research & Trading; Craig-Hallum Capital Group LLC; Goldman Sachs & Co.; Keefe, Bruyette & Woods, Ltd.; Silvergate Capital Corporation; Stifel, Nicolaus & Company, Incorporated;

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Author: Ambrogio Visconti