Burke & Herbert proposes $100 million subordinated notes offering due 2036
Burke & Herbert Financial Services Corp. filed a preliminary prospectus supplement for a proposed $100 million offering of fixed-to-floating rate subordinated notes due 2036, under an existing shelf registration. The company plans to use the proceeds, plus cash on hand, to redeem up to $117.6 million of outstanding subordinated debt and up to $15.0 million of preferred stock, with the remainder for general corporate purposes, including capital for its bank.
Key points
- Proposed offering size is $100 million; the notes have a 10-year term with a 5-year call, and Keefe, Bruyette & Woods is sole manager.
- Expected rating is BBB- (Positive) from Kroll Bond Rating Agency.
- Proceeds plus cash on hand would redeem up to $117.6 million of subordinated debt and up to $15.0 million of preferred stock liquidation preference.
- Filing is dated September 28, 2026; the shelf registration was declared effective December 11, 2024, and an investor presentation is filed as Exhibit 99.1.
The filing
Written by AI on Nov 9, 2026, 11:46 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 28, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.