By Rebecca Melvin
Concord, N.H., Nov. 10 – Enterprise Financial Services Corp. priced $70 million of 5% $25-par non-cumulative perpetual preferred stock, series A, (Kroll: BBB-) at par on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The sum represents 2.8 million depositary shares, and there is an option to purchase an additional 200,000 depositary shares.
Keefe, Bruyette & Woods, Inc. and Raymond James & Associates, Inc. are the joint bookrunners.
The preferreds are callable at par in whole or in part beginning Dec. 15, 2026 or in whole within 90 days of a regulatory capital treatment event.
The company has applied to list the depositary shares on Nasdaq under the symbol “EFSCP.”
Proceeds are earmarked for general corporate purposes, which may include repayment or redemption of outstanding debt, payment of dividends, providing capital to support growth through strategic acquisitions, capital expenditures, financing investments, repurchasing common stock and investments in the bank as regulatory capital.
Enterprise is a financial holding company is based in Clayton, Mo.
| Issuer: | Enterprise Financial Services Corp.
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| Issue: | Series A non-cumulative preferred stock
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| Amount: | $70 million, or 2.8 million shares
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| Greenshoe: | $5 million, or 200,000 shares
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| Maturity: | Perpetual
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| Bookrunners: | Keefe, Bruyette & Woods, Inc. and Raymond James & Associates, Inc.
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| Co-managers: | Boenning & Scattergood, Inc. and Janney Montgomery Scott LLC
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| Dividend: | 5%
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| Price: | $25.00
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| Yield: | 5%
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| Call features: | In whole or in part on any dividend payment date beginning Dec. 15, 2026 at par or within 90 days of a regulatory capital treatment event in whole at par
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| Trade date: | Nov. 9
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| Settlement date: | Nov. 17
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| Rating: | Kroll: BBB-
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| Distribution: | SEC registered
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| Listing: | Nasdaq: EFSCP
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| Cusip: | 293712303
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