LOS ANGELES--(BUSINESS WIRE)--Feb. 13, 2003--City NationalCorporation (NYSE:CYN) today announced the sale of $225 million ofsenior notes in a private offering to qualified institutional buyersunder Rule 144A of the Securities Act of 1933.
The notes bear interest at a fixed rate of 5.125 percent each yearuntil maturity in 2013. They are not redeemable prior to maturity.Interest on the notes will be paid semi-annually, beginning on August15, 2003.
The net proceeds from the offering will be used for generalcorporate purposes, including to finance the company's announcedacquisition of Convergent Capital Management LLC, possible futureacquisitions, the company's stock repurchase program and debtrepayment.
The notes have not been registered under the Securities Act of1933 and may not be offered or sold in the United States absentregistration or an applicable exemption from registrationrequirements.
About City National
City National Corporation is a financial services company with$11.9 billion in total assets. Its wholly owned subsidiary, CityNational Bank, is the second largest independent bank headquartered inCalifornia. As California's Premier Private and Business Bank(R), CityNational provides banking, investment and trust services through 54offices, including 12 full-service regional centers, in SouthernCalifornia, the San Francisco Bay Area and New York City. The companyhas $19.5 billion in investment and trust assets under management oradministration.
For more information about City National, visit the company's Website at cnb.com.
This news release contains forward-looking statements for whichthe company claims the protection of the safe harbor contained in thePrivate Securities and Litigation Reform Act of 1995. Forward-lookingstatements include, but are not limited to, information concerning thecompany's possible or assumed future financial condition, and itsresults of operations and business. A number of factors, some of whichare beyond the company's ability to control or predict, could causeactual results to differ materially from those contemplated by suchforward-looking statements. These factors include, but are not limitedto, general economic conditions, changes in interest rates, depositflows, loan demand and competition, changes in legislation orregulation, changes in accounting principles, policies or guidelines,and other economic, competitive, governmental, regulatory, andtechnological factors affecting the company's operations, pricing,products and services. Investors are encouraged to access CityNational Corporation's periodic reports filed with the Securities andExchange Commission for financial and business information regardingthe company.
|CONTACT:||City National Corporation|
|Frank Pekny, 310/888-6700 (Investor Contact)|
|Cary Walker, 213/833-4715 (Media Contact)|