PACWEST BANCORP (NASDAQ:PACW) Files An 8-K Entry into a Material Definitive Agreement

ME Staff 8-k
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PACWEST BANCORP (NASDAQ:PACW) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.

On December7, 2017, Pacific Western Bank, a California-chartered commercial bank (“Pacific Western Bank”) and wholly-owned subsidiary of PacWest Bancorp, a Delaware corporation (“PacWest”), on behalf of itself and certain of its affiliates (together with Pacific Western Bank, “Pacific Western”), entered into a binding agreement with the loan trading desk of Morgan Stanley, a Delaware corporation (“Morgan Stanley”) under which Pacific Western would sell substantially all of its portfolio of healthcare, technology and general cash flow loans to Morgan Stanley Bank, N.A. an affiliate of Morgan Stanley (“MSBNA”). Upon consummation of the sale, which is anticipated to take place on or before December31, 2017, MSBNA will pay Pacific Western approximately $1.48 billion for the portfolio. In connection with the sale of the portfolio, Pacific Western will exit its commercial lending origination operations related to its healthcare, technology and general cash flow lending groups. The portfolio of loans subject to the loan sale transaction had an outstanding principal balance of approximately $1.49 billion as of November30, 2017.

The loan sale will be consummated to a master trade confirmation substantially in the form most recently published by The Loan Syndications and Trading Association,Inc. (“LSTA”) for par/near par trades, as well as an appropriate LSTA form assignment agreement. Pacific Western expects to receive the proceeds for substantially all sold loans by December31, 2017.

Item 7.01. Regulation FD Disclosure.*

On December11, 2017, PacWest issued a press release announcing the loan sale transaction, a copy of which is attached as Exhibit99.1 of this Form8-K.

Item 9.01 Financial Statements and Exhibits.*

(d)Exhibits.

ExhibitNo.

Description

99.1

Press Release, dated December11, 2017.

* The information furnished under Item 7.01 and Item 9.01 of this Current Report on Form8-K, including the exhibit, shall not be deemed “filed” for purposes of Section18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section, nor shall it be deemed incorporated by reference in any registration statement or other filings of PacWest under the Securities Act of 1933, as amended, except as shall be set forth by specific reference in such filing.


PACWEST BANCORP Exhibit
EX-99.1 2 a17-28244_1ex99d1.htm EX-99.1 Exhibit 99.1   PRESS RELEASE   PacWest Bancorp (Nasdaq: PACW)   Contact:   Donald D. Destino     Executive Vice President     Corporate Development and Investor Relations Phone:   310-887-8521   FOR IMMEDIATE RELEASE   December 11,…
To view the full exhibit click here

About PACWEST BANCORP (NASDAQ:PACW)

PacWest Bancorp is a bank holding company for Pacific Western Bank (the Bank). The Company is focused on relationship-based business banking to small, middle-market and venture-backed businesses. The Bank offers a range of loan and deposit products and services through approximately 80 branches located throughout the state of California. The Company provides commercial banking services, and deposit and treasury management services to small and middle-market businesses. It offers products and services under the brand names of Pacific Western, as well as its business groups, CapitalSource Inc. and Square 1 Bank. CapitalSource focuses on providing cash flow, asset-based, equipment and real estate loans and treasury management services to middle market businesses. Square 1 Bank focuses on providing a range of financial products to service entrepreneurial businesses and their venture capital and private equity investors.