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- As of June 30, 2026, On a Consolidated Basis, We Had Approximately $9.6 Billion of Liabilities to Which the Notes Will Be Structurally Subordinated. (new) — The notes are deeply subordinated, ranking behind $9.6 billion of existing liabilities, which significantly increases risk for noteholders in a default scenario.
Burke & Herbert Financial Services Corp. offers $100M of 7.00% fixed-to-floating subordinated notes due 2036
Filed September 30, 2026 · ~2 min read
Key Changes
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The company is offering $100 million aggregate principal amount of subordinated notes due 2036, with a fixed 7.00% annual rate until October 1, 2031, then Three-Month Term SOFR plus 222 basis points.
The Offering verify on EDGAR → -
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Net proceeds to the company are estimated at $97.8 million after underwriting discounts and expenses.
Use of Proceeds verify on EDGAR → -
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The company intends to use net proceeds to repay $42.6 million of existing higher-rate notes, potentially repay up to $75.0 million of 2031 Notes, potentially redeem $15.0 million of preferred stock, and for general corporate purposes.
Use of Proceeds verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 30, 2026 · How we verify