Enterprise Financial Services Corp Announces Exercise of Over-Allotment Option in Subordinated Notes Offering

Enterprise Financial Services Corp Announces Exercise of Over-Allotment Option in Subordinated Notes Offering

  • Posted: 05/20/2020
  • Castle Creek

ST. LOUIS, Mo.–(BUSINESS WIRE)–Enterprise Financial Services Corp (Nasdaq: EFSC) (the “Company”), the holding company of Enterprise Bank & Trust (the “Bank”), today announced that the underwriters of its previously-announced public offering of 5.75% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Notes”) have fully exercised their option to purchase an additional $8.25 million aggregate principal amount of Notes at the public offering price of 100% of the principal amount of the Notes, less underwriting discounts and commissions. After giving effect to the full exercise of the over-allotment exercise, the aggregate principal amount of Notes sold by the Company in the public offering increased to $63.25 million.

The offering, including the exercise of the over-allotment exercise, is expected to close on May 21, 2020, subject to the satisfaction of customary closing conditions.

Piper Sandler & Co. is acting as the book-running manager and U.S. Bancorp Investments, Inc. is acting as co-manager for the offering.

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