As noted by af below the OTC ticker of EFSSV has been assigned. Look for a change in this ticker in a day or 2.
Enterprise Financial Services Corp (EFSC) has priced their new issue of preferred stock.
The issue prices with a coupon of 5.00% for 2.8 million shares with another 200,000 available for over-allotments.
The issue is rated BBB- by Kroll.
The issue is typical–non cumulative and qualified with an early optional redemption available starting 12/15/2026.
The OTC ticker has not been announced as of yet–likely will be known shortly.
The pricing term sheet can be found here.
I really struggle with how much credibility to give ratings from Kroll, Egan Jones, etc. Basically if it’s not S&P, Moody’s or Fitch I don’t give it much credence. Thoughts? Am I missing something?
EFSSV
https://otce.finra.org/otce/dailyList?viewType=Additions
Straight to the grey and trading at 24.80. I cannot touch it even if I wanted to.
The term sheet reflects an expected Kroll rating of BBB-. I was told it was a Kroll BBB. Where does the Egan Jones rating come from?
Thanks af – corrected. The EJ rating was just a figment of my imagination I guess