Burke & Herbert prices $100M 7.00% subordinated notes due 2036; to repay $42.6M of higher-rate debt

Burke & Herbert Financial Services Corp.

$100M aggregate principal of 7.00% Fixed-to-Floating Rate Subordinated Notes due Oct 1, 2036; priced at 100% of par.
Fixed 7.00% until Oct 1, 2031, then Three-Month Term SOFR + 222 bps, quarterly; intended to qualify as Tier 2 capital.
Net proceeds plus cash to repay $4.5M 6.875% note due April 2028, $18.1M 6.00% notes due July 2030, and $20.0M 5.00% notes due Oct 2030.
May also repay $75.0M 3.25% notes due Dec 2031 and redeem up to $15.0M of 6.00% 2021 Preferred Stock; remainder for general corporate purposes.
Keefe, Bruyette & Woods (Stifel) sole book-running manager; offering expected to close Sept 30, 2026.

This headline and bullets were generated automatically by deepseek-v4.1-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.