Burke & Herbert Financial Services prices $100 million subordinated notes offering
BHRB•Burke & Herbert Financial Services priced a $100 million offering of 7.00% fixed-to-floating rate subordinated notes due 2036, with closing expected Sept. 30. Proceeds will refinance outstanding subordinated debt and support general corporate purposes, including bank growth capital.
1. Offering terms
The notes were priced at 100% of principal and will pay a 7.00% coupon through Oct. 1, 2031, then float at three-month term SOFR plus 222 basis points. Burke & Herbert may redeem them at par starting Oct. 1, 2031, with earlier redemption permitted upon specified events.
