---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-26-011154"
form_type: "8-K"
ticker: "BFST"
cik: "0001624322"
company_name: "Business First Bancshares, Inc."
filed_at: "2026-04-02T23:59:59+00:00"
generated_at: "2026-05-15T07:50:46.951541+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Business First Bancshares issues $85M subordinated notes due 2036 at 6.50% fixed rate

## Summary
- Sold $85M aggregate principal of 6.50% fixed-to-floating rate subordinated notes due 2036.
- Notes bear 6.50% fixed through March 30, 2031, then 3-month SOFR + 300 bps quarterly.
- Proceeds will redeem $66.93M of existing subordinated notes and support b1BANK capital.
- Notes are unsecured, subordinated, structured as Tier 2 capital for regulatory purposes.
- Private placement under Rule 506(b); UMB Bank is paying agent and registrar.

## SEC filing metadata
- accession: 0001437749-26-011154
- form_type: 8-K
- ticker: BFST
- cik: 0001624322
- company_name: Business First Bancshares, Inc.
- filed_at: 2026-04-02T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1624322/000143774926011154/0001437749-26-011154-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1624322/000143774926011154/bfbi20260402_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-26-011154
- JSON: https://secwatch.observer/filing/0001437749-26-011154.json
- Plain text: https://secwatch.observer/filing/0001437749-26-011154.txt

## Source-grounded claims
- claim_id: 693e59a7332173cae22881ff08e74c63336a282c
  claim: Business First Bancshares, Inc. incurred senior notes of $85.0 million at 6.50% fixed-to-floating rate maturing 2036.
  evidence_excerpt: On April 2, 2026, Business First Bancshares, Inc. (the “Company”) entered into a Subordinated Note Purchase Agreement (the “Purchase Agreement”) with certain qualified institutional buyers and accredited investors pursuant to which the Company sold and issued $85.0 million in aggregate principal amount of 6.50% fixed-to-floating rate subordinated notes due 2036 (the “Notes”) in a private placement transaction.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1624322/000143774926011154/0001437749-26-011154-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.