secwatch.observer — SEC 8-K summary
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Issuer:     BANC OF CALIFORNIA, INC. (BANC)
CIK:        0001169770
Form:       8-K
Filed at:   2023-12-01T23:59:59+00:00
Accession:  0001140361-23-055744
Event type: m_and_a
Sentiment:  positive
Materiality: 1.00
Item codes: 1.01, 3.02, 2.01, 2.03, 3.03, 4.01, 5.02, 5.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Banc of California completes PacWest merger; $400M equity raise, ~78.8M shares issued
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- Merger consideration: 0.6569 BANC shares per PACW share; total ~78.8M BANC shares issued.
- Issued ~21.7M common and ~10.8M non-voting shares to Warburg/Centerbridge for $400M at $12.30/share.
- Warrants issued to purchase up to ~18.9M shares at $15.375; mandatory exercise trigger at $24.60.
- Assumed $539M in subordinated notes from PacWest with weighted avg rate 7.98%.
- Auditor changed from EY to KPMG due to non-audit services for PacWest; KPMG expected Dec 4.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1169770/000114036123055744/0001140361-23-055744-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1169770/000114036123055744/ny20014593x6_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-23-055744

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