BFST - Business First Bancshares raises $72M via private placement of preferred stock

• Business First Bancshares ( NASDAQ: BFST ) said Thursday it raised $72M through a self-managed private placement of preferred stock.
• The preferred stock has a perpetual term, bears non-cumulative dividends, and is structured to qualify as additional tier 1 capital.
• Proceeds will be used for capital to support growth of BFST's unit b1BANK, repay existing debt and other general purposes.
• If declared by BFST, dividends are payable at a fixed rate of 7.5% for the first five years after issue and at a variable rate thereafter equal to the then-current 3-month SOFR, reset quarterly, plus 470 bps.
• The preferred stock may not be redeemed during the first five years after issue.

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