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SVB Financial Group prices redemption of senior notes due 2020

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SVB Financial Group prices redemption of senior notes due 2020

SVB Financial Group determined the final redemption price for the full redemption of $350 million of its 5.375% senior notes due 2020.

The Santa Clara, Calif.-based company will pay $1,023.99 for each $1,000 of the notes, for a total redemption price of $358.4 million, excluding accrued interest, to be paid to holders on Dec. 20.

The amount paid in excess of the principal amount of the notes represents a premium due to holders upon early redemption and will be recorded in other noninterest income and reflected in the company's financial results for the quarter and year ending Dec. 31.