SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________
AMENDMENT NO. 4 to
SCHEDULE TO
TENDER OFFER STATEMENT UNDER SECTION 14(d)(1) OR 13(e)(1) OF
THE SECURITIES EXCHANGE ACT OF 1934
_______________
BANC OF CALIFORNIA, INC.
(Name of Subject Company (Issuer))
_______________
BANC OF CALIFORNIA, INC., AS ISSUER
(Name of Filing Persons (Identifying status as offeror, issuer, or other person))
_______________
Depositary Shares each representing a 1/40th ownership interest in a share of 7.00% Non-Cumulative Perpetual Preferred Stock, Series E
Depositary Shares each representing a 1/40th ownership interest in a share of 7.375% Non-Cumulative Perpetual Preferred Stock, Series D

(Title of Class of Securities)
05990K874
05990K882
(CUSIP Number of Class of Securities)
_______________
John A. Bogler
Chief Financial Officer
3 MacArthur Place
Santa Ana, California, 92707
Telephone: (855) 361-2262
(Name, address and telephone number of person authorized to
receive notices and communications on behalf of filing person)
_______________
Copies to:
Patrick S. Brown
Sullivan & Cromwell LLP
1888 Century Park East, 21st Floor
Los Angeles, California 90067
(310) 712-6600
Derek Dostal
Davis Polk & Wardwell LLP
450 Lexington Avenue
New York, New York 10017
(212) 450-4000
_______________
CALCULATION OF FILING FEE




 
 
Transaction Valuation(1)
Amount of Filing Fee(2)
$75,000,000
$9,090
_______________
(1)
Calculated solely for purposes of determining the amount of the filing fee.
(2)
The amount of the filing fee, calculated in accordance with Rule 0‑11 under the Securities Exchange Act of 1934, as amended, and Fee Rate Advisory No. 1 for fiscal year 2019 equals $121.20 per million dollars of the transaction.
ý
Check the box if any part of the fee is offset as provided by Rule 0‑11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.
Amount Previously Paid: $9,090
 
Filing Party: Banc of California, Inc.
 
Form or Registration No: Schedule TO
 
Date Filed: July 25, 2019
 
¨
Check the box if filing relates solely to preliminary communications made before the commencement of a tender offer.
Check the appropriate boxes below to designate any transactions to which the statement relates:
¨    third-party tender offer subject to Rule 14d-1.
ý    issuer tender offer subject to Rule 13e‑4.
¨    going-private transaction subject to Rule 13e‑3.
¨    amendment to Schedule 13D under Rule 13d‑2.
Check the following box if the filing is a final amendment reporting the results of the tender offer: ý    
If applicable, check the appropriate box(es) below to designate the appropriate rule provision(s) relied upon:
¨    Rule 13e-4(i) (Cross-Border Issuer Tender Offer)
¨    Rule 14d-1(d) (Cross-Border Third-Party Tender Offer)



______________________________________________________________________________________________________


This Amendment No. 4 (this “Amendment No. 4”) amends and supplements the Tender Offer Statement on Schedule TO originally filed by Banc of California, Inc., a Maryland corporation (the “Company”), with the Securities and Exchange Commission (“SEC”) on July 25, 2019, as previously amended (as so amended, the “Schedule TO”). The Schedule TO relates to the offer by the Company to purchase, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated July 25, 2019 (as it may be amended or supplemented from time to time, the “Offer to Purchase”) and in the related Letter of Transmittal (as it may be amended or supplemented from time to time, the “Letter of Transmittal,” and together with the Offer to Purchase, the “Offer”), the Company’s outstanding (a) depositary shares each representing a 1/40th ownership interest in a share of 7.00% Non-Cumulative Perpetual Preferred Stock, Series E, with a liquidation preference of $1,000.00 per share (equivalent to $25.00 per depositary share) (the “Series E Depositary Shares”) and (b) depositary shares each representing a 1/40th ownership interest in a share of 7.375% Non-Cumulative Perpetual Preferred Stock, Series D, with a liquidation preference of $1,000.00 per share (equivalent to $25.00 per depositary share) (the “Series D Depositary Shares”, and together with the Series E Depositary Shares, the “Securities”), in an amount such that the amount of cash, including Accrued Dividends (as defined in the Offer to Purchase), used to purchase such Securities accepted for purchase by the Company shall not exceed $75,000,000.
Only those items amended are reported in this Amendment No. 4. Except as specifically provided herein, the information contained in the Schedule TO, the Offer to Purchase and the Letter of Transmittal remains unchanged and this Amendment No. 4 does not modify any of the information previously reported on Schedule TO and in the Offer to Purchase or the Letter of Transmittal. You should read Amendment No. 4 together with the Schedule TO, the Offer to Purchase and the Letter of Transmittal.

ITEM 4.    Terms of the Transaction

Item 4(a) of the Schedule TO is hereby amended and supplemented by adding the following language:
The Offer expired at 11:59 p.m., New York City time, on August 21, 2019 (the “Expiration Date”). As of the Expiration Date, holders of the Securities had validly tendered and not validly withdrawn the liquidation preference amounts set forth in the table below. Because the total consideration required to purchase all Securities validly tendered and not validly withdrawn is less than the Maximum Aggregate Purchase Amount, the Company has accepted for purchase 100% of such Securities.
The Total Consideration (as defined in the Offer to Purchase) for each share of the Securities tendered and accepted for purchase pursuant to the Offer is set forth in the table below. The aggregate Total Consideration payable by the Company for all Securities accepted for purchase is approximately $46,004,555.61. The Company expects that the settlement date for the Offer will be August 23, 2019. A copy of the press release announcing the expiration and results of the Offer is filed as Exhibit (a)(5)(F) hereto and is incorporated herein by reference.
Acceptance Priority Level
 
Series of Securities
 
CUSIP No(s).
 
Liquidation Preference Per Share
 
Total Consideration Per Share(1)
 
Aggregate Liquidation Preference Tendered as of Expiration Date
 
Aggregate Liquidation Preference Accepted for Purchase
 
Aggregate Liquidation Preference Outstanding Following the Offer
 
Aggregate Total Consideration Accepted for Purchase
1
 
Depositary Shares each representing a 1/40th ownership interest in a share of 7.00% Non-Cumulative Perpetual Preferred Stock, Series E (“Series E Depositary Shares”)
 
05990K874
 
$
25.00

 
$
27.13

 
$
24,523,200

 
$
24,523,200

 
$
100,476,800

 
$
26,612,576.64

2
 
Depositary Shares each representing a 1/40th ownership interest in a share of 7.375% Non-Cumulative Perpetual Preferred Stock, Series D (“Series D Depositary Shares”)
 
05990K882
 
$
25.00

 
$
26.39

 
$
18,370,575

 
$
18,370,575

 
$
96,629,425

 
$
19,391,978.97

(1)
Assumes the settlement date of the Offer is August 23, 2019. Includes Accrued Dividends (as defined in the Offer to Purchase) of $0.33 per Series E Depositary Share and $0.35 per Series D Depositary Share.



______________________________________________________________________________________________________


ITEM 12.    Exhibits

Item 12 of the Schedule TO is hereby amended and supplemented by adding the following Exhibit:

Exhibit
Number
Description
(a)(5)(F)
Press Release, dated August 22, 2019.



______________________________________________________________________________________________________


SIGNATURE
After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
BANC OF CALIFORNIA, INC.

 
By:
/s/ John A. Bogler
 
Name:
John A. Bogler
 
Title:
Executive Vice President and Chief Financial Officer
Date: August 22, 2019



______________________________________________________________________________________________________


EXHIBIT INDEX
(a)(1)(A)
(a)(1)(B)
(a)(1)(C)
(a)(1)(D)
(a)(2)
Not applicable.
(a)(3)
Not applicable.
(a)(4)
Not applicable.
(a)(5)(A)
(a)(5)(B)
(a)(5)(C)
(a)(5)(D)
(a)(5)(E)
(a)(5)(F)
(b)
Not applicable.
(d)(1)
(d)(2)
(d)(3)
(d)(4)
(d)(5)
(d)(6)
(d)(7)
(d)(8)
(d)(9)
(d)(10)


______________________________________________________________________________________________________


(d)(11)
(d)(12)
(d)(13)
(d)(14)
(d)(15)
(d)(16)
(d)(17)
(d)(18)
(d)(19)
(d)(20)
(d)(21)
(d)(22)
(d)(23)
(d)(24)
(d)(25)
(d)(26)
(d)(27)
(d)(28)
(d)(29)
(d)(30)


______________________________________________________________________________________________________


(d)(31)
(d)(32)
(d)(33)
(d)(34)
(d)(35)
(d)(36)
(d)(37)
(d)(38)
(d)(39)
(d)(40)
(d)(41)
(d)(42)
(d)(43)
(d)(44)
(d)(45)
(d)(46)
(d)(47)
(d)(48)
(d)(49)
(d)(50)
(d)(51)


______________________________________________________________________________________________________


(d)(52)
(d)(53)
(d)(54)
(d)(55)
(d)(56)
(d)(57)
(d)(58)
(d)(59)
(d)(60)
(d)(61)
(d)(62)
(d)(63)
(d)(64)
(d)(65)
(d)(66)
(d)(67)
(d)(68)
(d)(69)
(d)(70)
(d)(71)
(d)(72)


______________________________________________________________________________________________________





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