By Devika Patel
Knoxville, Tenn., Dec. 12 - Enterprise Financial Services Corp. said it took in $25 million in a private placement of its convertible trust preferred securities.
The convertible trust preferred securities qualify as tier I regulatory capital subject to certain limitations.
The securities, which have a coupon of 9%, mature in 30 years and are callable after five years. The trust preferred securities are convertible into common stock at $17.37 per share.
After Dec. 12, 2010, the company may terminate the conversion rights if the price per share of its common stock exceeds $22.58 for 20 consecutive trading days.
Clayton, Mo.-based Enterprise is a financial holding company.
Issuer: | Enterprise Financial Services Corp.
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Issue: | Convertible trust preferred securities
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Amount: | $25 million
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Maturity: | 30 years
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Coupon: | 9%
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Price: | Par
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Yield: | 9%
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Conversion price: | $17.37
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Warrants: | No
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Settlement date: | Dec. 12
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Stock symbol: | Nasdaq: EFSC
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Stock price: | $14.50 at close Dec. 12
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Market capitalization: | $184 million
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