Monitor how the company deploys the subordinated note proceeds — the capital raise bolsters Tier 2 capital and supports potential M&A or organic growth. The 6.25% coupon is a meaningful cost of capital; watch for commentary on leverage targets or acquisition pipeline in upcoming quarters.
Price Chart
Executive Summary
Enterprise Financial Services Corp is issuing $175 million of 6.25% Fixed-to-Floating Rate Subordinated Notes due 2036, priced at 98.75% of par, via an underwriting agreement dated June 12, 2026. The net proceeds will be used for general corporate purposes, and the notes qualify as Tier 2 regulatory capital. This capital raise follows a preliminary 424B5 filing five days prior and is accompanied by a Subordinated Indenture dated June 17, 2026.
Key Financial Metrics
Key Facts
- $175,000,000 aggregate principal amount of 6.25% Fixed-to-Floating Rate Subordinated Notes due 2036
- Purchase price set at 98.75% of aggregate principal amount
- Issued under a Subordinated Indenture with U.S. Bank Trust Company as Trustee
- Underwriters led by Keefe, Bruyette & Woods and Raymond James, with Piper Sandler & Co.
- Settlement/closing scheduled for June 17, 2026
- Notes qualify as Tier 2 regulatory capital per the preliminary prospectus context
- Offering priced on June 12, 2026, with closing on June 17, 2026
Financial Impact
$175M subordinated note issuance at 98.75% of par, raising ~$172.8M in net proceeds before expenses
Risk Factors
- Interest expense increases by ~$10.9M annually at the 6.25% fixed rate
- Subordinated structure means noteholders rank behind senior debt
- Proceeds use not specified beyond general purposes — potential for value-destructive deployment
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-075113 |
| Document: tm2618148d1_ex1-1.htm | 0001104659-26-075113 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 27, 2026 9w ago | 8-K | $66.72 $63.38 | ▼ −5.01% | ▼ −8.39% | $60.08 (−9.95%) |
Jun 17, 2026 15w ago | 8-K | $62.11 $68.52 | ▲ +10.32% | ▲ +9.79% | $60.08 (−3.27%) |
Jun 12, 2026 16w ago | 424B5 | $64.19 $65.34 | ▲ +1.79% | ▲ +0.01% | $60.08 (−6.40%) |
US Market Status
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