--- schema_version: "secwatch.filing_event.v1" accession: "0001193125-23-076760" form_type: "8-K" ticker: null cik: "0000719739" company_name: "SVB FINANCIAL GROUP" filed_at: "2023-03-22T23:59:59+00:00" generated_at: "2026-06-17T21:47:12.230888+00:00" event_type: "other_material" sentiment: "negative" materiality_score: 1.0 calibrated_materiality_score: 1.0 confidence: "high" source: SEC EDGAR --- # SVB Financial Group files Chapter 11; triggers defaults on $3.3B notes and trust preferred; Nasdaq to delist ## Summary - Filed Chapter 11 on March 17, 2023, in Southern District of New York; court-supervised reorganization. - Chapter 11 triggered defaults on $3.3B of senior notes and $100M trust preferred securities; obligations accelerated. - SVB Capital and SVB Securities not in bankruptcy; strategic alternatives being explored with Centerview Partners. - Nasdaq will suspend trading of common stock (SIVB) and depositary shares (SIVBP) on March 28, 2023; no appeal planned. - First day motions to continue operations, access cash, and protect tax attributes sought; hearing March 21. ## SEC filing metadata - accession: 0001193125-23-076760 - form_type: 8-K - cik: 0000719739 - company_name: SVB FINANCIAL GROUP - filed_at: 2023-03-22T23:59:59+00:00 - event_type: other_material - sentiment: negative - materiality_score: 1.0 - calibrated_materiality_score: 1.0 - confidence: high - sec_items: 2.04, 7.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/719739/000119312523076760/0001193125-23-076760-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/719739/000119312523076760/d487549d8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001193125-23-076760 - JSON: https://secwatch.observer/filing/0001193125-23-076760.json - Plain text: https://secwatch.observer/filing/0001193125-23-076760.txt ## Key facts - Debt Financings SVB FINANCIAL GROUP faced acceleration on senior notes of $650,000,000 with U.S. Bank National Association at 1.800% maturing October 2026. - Instrument: senior notes - Principal: $650,000,000 - Counterparty: U.S. Bank National Association - Rate: 1.800% - Maturity: October 2026 - Event: acceleration source text: Senior Notes The filing of the Chapter 11 Case constituted an “event of default” under the indenture, dated as of September 20, 2010, between the Company and U.S. Bank National Association, as trustee (the “Indenture Trustee”), as amended by that certain First Supplemental Indenture, dated as of April 28, 2022, between the Company and the Indenture Trustee (together, the “Debt Securities Indenture”). evidence_url: https://www.sec.gov/Archives/edgar/data/719739/000119312523076760/0001193125-23-076760-index.htm - Debt Financings SVB FINANCIAL GROUP faced acceleration on senior notes of $500,000,000 with U.S. Bank National Association at 3.125% maturing June 2030. - Instrument: senior notes - Principal: $500,000,000 - Counterparty: U.S. Bank National Association - Rate: 3.125% - Maturity: June 2030 - Event: acceleration source text: Senior Notes The filing of the Chapter 11 Case constituted an “event of default” under the indenture, dated as of September 20, 2010, between the Company and U.S. Bank National Association, as trustee (the “Indenture Trustee”), as amended by that certain First Supplemental Indenture, dated as of April 28, 2022, between the Company and the Indenture Trustee (together, the “Debt Securities Indenture”). evidence_url: https://www.sec.gov/Archives/edgar/data/719739/000119312523076760/0001193125-23-076760-index.htm - Debt Financings SVB FINANCIAL GROUP faced acceleration on senior notes of $350,000,000 with U.S. Bank National Association at 4.435% Senior Fixed Rate/Floating Rate maturing April 2028. - Instrument: senior notes - Principal: $350,000,000 - Counterparty: U.S. Bank National Association - Rate: 4.435% Senior Fixed Rate/Floating Rate - Maturity: April 2028 - Event: acceleration source text: Senior Notes The filing of the Chapter 11 Case constituted an “event of default” under the indenture, dated as of September 20, 2010, between the Company and U.S. Bank National Association, as trustee (the “Indenture Trustee”), as amended by that certain First Supplemental Indenture, dated as of April 28, 2022, between the Company and the Indenture Trustee (together, the “Debt Securities Indenture”). evidence_url: https://www.sec.gov/Archives/edgar/data/719739/000119312523076760/0001193125-23-076760-index.htm - Debt Financings SVB FINANCIAL GROUP faced acceleration on senior notes of $500,000,000 with U.S. Bank National Association at 1.800% maturing February 2031. - Instrument: senior notes - Principal: $500,000,000 - Counterparty: U.S. Bank National Association - Rate: 1.800% - Maturity: February 2031 - Event: acceleration source text: Senior Notes The filing of the Chapter 11 Case constituted an “event of default” under the indenture, dated as of September 20, 2010, between the Company and U.S. Bank National Association, as trustee (the “Indenture Trustee”), as amended by that certain First Supplemental Indenture, dated as of April 28, 2022, between the Company and the Indenture Trustee (together, the “Debt Securities Indenture”). evidence_url: https://www.sec.gov/Archives/edgar/data/719739/000119312523076760/0001193125-23-076760-index.htm - Debt Financings SVB FINANCIAL GROUP faced acceleration on senior notes of less than $1,000,000 with U.S. Bank National Association at not specified maturing not specified. - Instrument: senior notes - Principal: less than $1,000,000 - Counterparty: U.S. Bank National Association - Rate: not specified - Maturity: not specified - Event: acceleration source text: Boston Private Capital Trust I Junior Subordinated Debentures ("Trust I") The Chapter 11 Case filing constituted an "event of default" under the indenture, dated as of October 12, 2004, between Boston Private and SunTrust Bank, as trustee, as amended by that certain First Supplemental Indenture, dated as of July 1, 2021, by and among U.S. Bank National Association, as successor trustee (the "BP I Indenture Trustee"), the Company and Boston Private (together, the "BP I Indenture"), pursuant to which the Company assumed the obligations of the junior subordinated debentures issued by Boston Private, of which less than $1,000,000 remain outstanding. evidence_url: https://www.sec.gov/Archives/edgar/data/719739/000119312523076760/0001193125-23-076760-index.htm - Debt Financings SVB FINANCIAL GROUP faced acceleration on senior notes of approximately $100,000,000 with Wilmington Trust Company at not specified maturing not specified. - Instrument: senior notes - Principal: approximately $100,000,000 - Counterparty: Wilmington Trust Company - Rate: not specified - Maturity: not specified - Event: acceleration source text: Boston Private Capital Trust II Junior Subordinated Debentures ("Trust II") The appointment of the Federal Deposit Insurance Corporation as receiver for Silicon Valley Bank, as previously disclosed in the Form 8-K filed by the Company on March 10, 2023, which is incorporated herein by reference, and the Chapter 11 Case filing constituted "events of default" under the indenture, dated as of September 27, 2005, between Boston Private and Wilmington Trust Company, as trustee (the "BP II Indenture Trustee"), as amended by that certain First Supplemental Indenture, dated as of July 1, 2021, by and among the BP II Indenture Trustee, the Company and Boston Private (together, the "BP II Indenture"), pursuant to which the Company assumed the obligations of the junior subordinated debentures issued by Boston Private, of which approximately $100,000,000 remain outstanding. evidence_url: https://www.sec.gov/Archives/edgar/data/719739/000119312523076760/0001193125-23-076760-index.htm - Debt Financings SVB FINANCIAL GROUP faced acceleration on senior notes of $350,000,000 with U.S. Bank National Association at 3.50% maturing January 2025. - Instrument: senior notes - Principal: $350,000,000 - Counterparty: U.S. Bank National Association - Rate: 3.50% - Maturity: January 2025 - Event: acceleration source text: Senior Notes The filing of the Chapter 11 Case constituted an “event of default” under the indenture, dated as of September 20, 2010, between the Company and U.S. Bank National Association, as trustee (the “Indenture Trustee”), as amended by that certain First Supplemental Indenture, dated as of April 28, 2022, between the Company and the Indenture Trustee (together, the “Debt Securities Indenture”). evidence_url: https://www.sec.gov/Archives/edgar/data/719739/000119312523076760/0001193125-23-076760-index.htm - Debt Financings SVB FINANCIAL GROUP faced acceleration on senior notes of $450,000,000 with U.S. Bank National Association at 4.570% Senior Fixed Rate/Floating Rate maturing April 2033. - Instrument: senior notes - Principal: $450,000,000 - Counterparty: U.S. Bank National Association - Rate: 4.570% Senior Fixed Rate/Floating Rate - Maturity: April 2033 - Event: acceleration source text: Senior Notes The filing of the Chapter 11 Case constituted an “event of default” under the indenture, dated as of September 20, 2010, between the Company and U.S. Bank National Association, as trustee (the “Indenture Trustee”), as amended by that certain First Supplemental Indenture, dated as of April 28, 2022, between the Company and the Indenture Trustee (together, the “Debt Securities Indenture”). evidence_url: https://www.sec.gov/Archives/edgar/data/719739/000119312523076760/0001193125-23-076760-index.htm - Debt Financings SVB FINANCIAL GROUP faced acceleration on senior notes of $500,000,000 with U.S. Bank National Association at 2.100% maturing May 2028. - Instrument: senior notes - Principal: $500,000,000 - Counterparty: U.S. Bank National Association - Rate: 2.100% - Maturity: May 2028 - Event: acceleration source text: Senior Notes The filing of the Chapter 11 Case constituted an “event of default” under the indenture, dated as of September 20, 2010, between the Company and U.S. Bank National Association, as trustee (the “Indenture Trustee”), as amended by that certain First Supplemental Indenture, dated as of April 28, 2022, between the Company and the Indenture Trustee (together, the “Debt Securities Indenture”). evidence_url: https://www.sec.gov/Archives/edgar/data/719739/000119312523076760/0001193125-23-076760-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.