Burke & Herbert Financial Services prices $100 million subordinated notes offering
BHRB•Burke & Herbert Financial Services priced $100 million of 7.00% fixed-to-floating rate subordinated notes due 2036, at 100% of principal. The offering is expected to close Sept. 30, with proceeds earmarked to refinance outstanding subordinated debt and potentially repay other notes or redeem preferred stock.
1. Offering terms
The notes carry a fixed 7.00% coupon through Oct. 1, 2031, then reset quarterly to three-month term SOFR plus 222 basis points. Burke & Herbert can redeem the notes at par starting Oct. 1, 2031; earlier redemption is permitted upon specified events.
