By Wendy Van Sickle
Columbus, Ohio, July 7 – Enterprise Bancorp, Inc. issued $60 million of fixed-to-floating subordinated notes due 2030 through a private placement, according to a news release.
The notes will mature on July 15, 2030 and will bear interest at a fixed rate of 5.25% per year for the first five years and then at SOFR plus 517.5 basis points.
Beginning on July 15, 2025, Enterprise may redeem the notes in whole or in part.
The proceeds will be for general corporate purposes, organic growth and to support regulatory capital ratios.
Based in Lowell, Mass., the company is principally engaged in the business of attracting deposits from the general public and investing in commercial loans and investment securities.
| Issuer: | Enterprise Bancorp, Inc.
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| Issue: | Fixed-to-floating subordinated notes
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| Amount: | $60 million
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| Maturity: | July 15, 2030
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| Coupon: | 5.25% per year through June 30, 2025, then SOFR plus 517.5 bps
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| Call: | Callable on or after July 15, 2025
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| Lead placement agent: | Piper Sandler & Co.
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| Co-placement agent: | Raymond James & Associates
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| Settlement date: | July 7
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| Distribution: | Private placement
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