<SEC-DOCUMENT>0001140361-20-011803.txt : 20200518
<SEC-HEADER>0001140361-20-011803.hdr.sgml : 20200518
<ACCEPTANCE-DATETIME>20200515184940
ACCESSION NUMBER:		0001140361-20-011803
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200518
DATE AS OF CHANGE:		20200515

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ENTERPRISE FINANCIAL SERVICES CORP
		CENTRAL INDEX KEY:			0001025835
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				431706259
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-237612
		FILM NUMBER:		20887306

	BUSINESS ADDRESS:	
		STREET 1:		150 NORTH MERAMEC
		STREET 2:		150 NORTH MERAMEC
		CITY:			CLAYTON
		STATE:			MO
		ZIP:			63105
		BUSINESS PHONE:		3147255500

	MAIL ADDRESS:	
		STREET 1:		150 NORTH MERAMEC
		STREET 2:		150 NORTH MERAMEC
		CITY:			CLAYTON
		STATE:			MO
		ZIP:			63105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ENTERBANK HOLDINGS INC
		DATE OF NAME CHANGE:	19961024

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ENTERPRISE FINANCIAL SERVICES CORP
		CENTRAL INDEX KEY:			0001025835
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				431706259
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		150 NORTH MERAMEC
		STREET 2:		150 NORTH MERAMEC
		CITY:			CLAYTON
		STATE:			MO
		ZIP:			63105
		BUSINESS PHONE:		3147255500

	MAIL ADDRESS:	
		STREET 1:		150 NORTH MERAMEC
		STREET 2:		150 NORTH MERAMEC
		CITY:			CLAYTON
		STATE:			MO
		ZIP:			63105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ENTERBANK HOLDINGS INC
		DATE OF NAME CHANGE:	19961024
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>nt10011833x4_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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  <div>
    <div style="text-align: right; font-size: 8pt; font-weight: bold;">Free Writing Prospectus<br>
      Filed pursuant to Rule 433<br>
      Supplementing the<br>
      Preliminary Prospectus Supplement, dated May 15, 2020<br>
      Registration No. 333-237612</div>
    <div style="text-align: right; font-size: 8pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: right; font-size: 8pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: bold;"><img src="nt10011883x4_logo.jpg"> </div>
    <div style="text-align: center;"><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Enterprise Financial Services Corp</div>
    <div style="text-align: center;">$55,000,000</div>
    <div style="text-align: center;">5.75% Fixed to Floating Rate Subordinated Notes due 2030</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;"><u>Term Sheet</u></div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z0c72aebceae9428e81dda994668ea058" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="font-weight: bold;">Issuer:</div>
          </td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">
            <div>Enterprise Financial Services Corp (the &#8220;Company&#8221;)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="font-weight: bold;">Security:</div>
          </td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">
            <div>5.75% Fixed to Floating Rate Subordinated Notes due 2030 (the &#8220;Notes&#8221;)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="font-weight: bold;">Aggregate Principal Amount:</div>
          </td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">
            <div>&#160;$55,000,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="font-weight: bold;">Overallotment Option:</div>
          </td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">The underwriters have the option to purchase up to an additional $8,250,000 from the Company at the public offering price less the underwriting discount. They may exercise that option for
            30 days. <br>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="font-weight: bold;">Ratings:</div>
          </td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">
            <div>BBB by Kroll Bond Rating Agency, Inc.</div>
            <div>&#160;</div>
            <div style="text-align: justify;">A rating is not a recommendation to buy, sell or hold securities. Ratings may be subject to revision or withdrawal at any time by the assigning rating organization. Each rating should be evaluated independently
              of any other rating.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 83%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="font-weight: bold;">Trade Date:</div>
          </td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">
            <div>May 15, 2020</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="font-weight: bold;">Settlement Date:</div>
          </td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">
            <div>May 21, 2020 (T + 4)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="font-weight: bold;">Final Maturity Date (if not previously redeemed):</div>
          </td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">June 1, 2030 <br>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="font-weight: bold;">Coupon:</div>
          </td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">
            <div style="text-align: justify;">5.75% per annum, from and including the Settlement Date, to but excluding June 1, 2025, payable semi-annually in arrears. From and including June 1, 2025 to, but excluding the maturity date or earlier
              redemption date, a floating per annum rate equal to the then current three-month SOFR (as defined in the prospectus supplement under &#8220;Description of the Notes &#8212; Interest&#8221;) plus 566.0 basis points, provided, however, that in the event
              three-month SOFR is less than zero, three-month SOFR shall be deemed to be zero, plus 566.0 basis points, payable quarterly in arrears.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div><font style="font-weight: bold;">Interest Payment Dates:</font> <br>
            </div>
          </td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">
            <div style="text-align: justify;">Interest on the Notes will be payable on June 1 and December 1 of each year through, but not including, June 1, 2025, and quarterly thereafter on March 1, June 1, September 1, and December 1 of each year to,
              but excluding, the maturity date or earlier redemption date.&#160; The first interest payment will be made on December 1, 2020.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="font-weight: bold;">Record Dates:</div>
          </td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">The 15th calendar day immediately preceding the applicable interest payment date <br>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="font-weight: bold;">Day Count Convention:</div>
          </td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">
            <div style="text-align: justify;">30/360 to but excluding June 1, 2025, and, thereafter, a 360-day year and the number of days actually elapsed.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>

    </table>
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        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div><font style="font-weight: bold;">Optional Redemption:</font><br>
            </div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">
            <div style="text-align: justify;">The Company may, at its option, beginning with the interest payment date of June 1, 2025 and on any interest payment date thereafter, redeem the Notes, in whole or in part, from time to time, subject to
              obtaining the prior approval of the Federal Reserve to the extent such approval is then required under the capital adequacy rules of the Federal Reserve, at a redemption price equal to 100% of the principal amount of the Notes being redeemed
              plus accrued and unpaid interest to but excluding the date of redemption.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 83%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="font-weight: bold;">Special Redemption:</div>
          </td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">
            <div style="text-align: justify;">The Company may redeem the Notes, in whole but not in part, at any time, including prior to June 1, 2025, subject to obtaining the prior approval of the Federal Reserve to the extent such approval is then
              required under the capital adequacy rules of the Federal Reserve, if (i) a change or prospective change in law occurs that could prevent us from deducting interest payable on the Notes for U.S. federal income tax purposes, (ii) a subsequent
              event occurs that could preclude the Notes from being recognized as Tier 2 Capital for regulatory capital purposes, or (iii) we are required to register as an investment company under the Investment Company Act of 1940, as amended, in each
              case, at a redemption price equal to 100% of the principal amount of the Notes plus any accrued and unpaid interest to but excluding the redemption date.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="font-weight: bold;">Denominations:</div>
          </td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">
            <div>$1,000 minimum denominations and $1,000 integral multiples thereof.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="font-weight: bold;">Use of Proceeds:</div>
          </td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">
            <div>The Company intends to use these proceeds for general corporate purposes, which may include repayment or redemption of outstanding indebtedness, the payment of dividends, providing capital to support our organic growth or growth through
              strategic acquisitions, capital expenditures, financing investments, repurchasing shares of our common stock, and for investments in the Bank as regulatory capital.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 83%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="font-weight: bold;">Price to Public:</div>
          </td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">
            <div>100.00%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 83%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="font-weight: bold;">Underwriters&#8217; Discount:</div>
          </td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">
            <div>1.48% of principal amount (1.25% of principal amount of the overallotment)<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 83%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="font-weight: bold;">Proceeds to Issuer (after underwriters&#8217; discount, but before expenses):</div>
          </td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">
            <div>$54,187,500 (or $62,334,375 if the underwriters exercise their overallotment option in full)<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 83%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="font-weight: bold;">Ranking:</div>
          </td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">
            <div style="text-align: justify;">The Notes will be unsecured, subordinated obligations of the Company and:</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 25%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 83%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 25%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 2%; vertical-align: top;">&#8226; <br>
          </td>
          <td rowspan="1" style="width: 83%; vertical-align: top;"><font style="color: #000000;">will rank junior in right of payment and upon the Company&#8217;s liquidation to any of the Company&#8217;s existing and all future Senior Indebtedness </font>(as defined
            in the indenture pursuant to which the Notes will be issued and described under &#8220;Description of the Notes&#8221; in the preliminary prospectus supplement);</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 25%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 83%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 25%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 2%; vertical-align: top;">&#8226; <br>
          </td>
          <td rowspan="1" style="width: 83%; vertical-align: top;"><font style="color: #000000;">will rank equal in right of payment and upon our liquidation with any of the Company&#8217;s existing and all of its future indebtedness the terms of which provide
              that such indebtedness ranks equally with the Notes;</font> <br>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 25%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 83%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 25%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 2%; vertical-align: top;">&#8226; <br>
          </td>
          <td rowspan="1" style="width: 83%; vertical-align: top;"><font style="color: #000000;">will rank senior in right of payment and upon the Company&#8217;s liquidation to (i) its existing junior subordinated debentures and (ii) any of its future
              indebtedness the terms of which provide that such indebtedness ranks junior in right of payment to note indebtedness such as the Notes</font>; and</td>
        </tr>

    </table>
    <div><br>
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    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
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    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td rowspan="1" style="width: 25%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 83%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 25%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 2%; vertical-align: top;">&#8226; <br>
          </td>
          <td rowspan="1" style="width: 83%; vertical-align: top;"><font style="color: #000000;">will be effectively subordinated to the Company&#8217;s future secured indebtedness to the extent of the value of the collateral securing such indebtedness, and
              structurally subordinated to the existing and future indebtedness of the Company&#8217;s subsidiaries, including without limitation Enterprise Bank &amp; Trust&#8217;s depositors, liabilities to general creditors and liabilities arising in the ordinary
              course of business or otherwise.</font></td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 25%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 83%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 25%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 83%; vertical-align: top;">As of March 31, 2020, Enterprise Bank &amp; Trust had $6.0 billion of deposits, $222.0 million of Federal Home Loan Bank, or FHLB, advances, including advances with an original maturity
            term of less than one year and $173.1 million of customer repurchase agreements, to which the Notes will be structurally subordinated.&#160; As of March 31, 2020, the Company, at the holding company level, had approximately $32.9 million of Senior
            Indebtedness ranking senior to the Notes, approximately $50.0 million of subordinated notes ranking on parity with the Notes and approximately $96.5 million of junior subordinated debt securities ranking junior to the Notes.</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 83%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="font-weight: bold;">CUSIP/ISIN:</div>
          </td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">
            <div>293712 AB1 / US293712AB15</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="font-weight: bold;">Book-Running Manager:</div>
          </td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">
            <div>Piper Sandler &amp; Co.<br>
            </div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 25%; vertical-align: top;">&#160;</td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="font-weight: bold;">Co-Manager:</div>
          </td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">
            <div>U.S. Bancorp<br>
            </div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; font-weight: bold;"> <br>
    </div>
    <div style="text-align: justify; font-weight: bold;">We expect that delivery of the Notes will be made against payment for the Notes on or about Settlement Date indicated above, which will be the fourth business day following the trade date of May 15,
      2020 (this settlement cycle being referred to as &#8220;T+4&#8221;). Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally will be required to settle in two business days, unless the parties to any such
      trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes on any date prior to the second business day preceding the Settlement Date will be required, by virtue of the fact that the notes will initially settle in four
      business days (T+4), to specify alternative settlement arrangements to prevent a failed settlement and should consult their own investment advisor.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-weight: bold;">This Pricing Term Sheet is qualified in its entirety by reference to the Preliminary Prospectus Supplement. The information in this Pricing Term Sheet supplements the Preliminary Prospectus
      Supplement and supersedes the information in the Preliminary Prospectus Supplement to the extent it is inconsistent with the information in the Preliminary Prospectus Supplement. Other information (including other financial information) presented in
      the Preliminary Prospectus Supplement is deemed to have changed to the extent affected by the information contained herein. Capitalized terms used in this Pricing Term Sheet but not defined have the meanings given them in the Preliminary Prospectus
      Supplement. The Issuer has filed a registration statement (including a prospectus) and a preliminary prospectus supplement with the Securities and Exchange Commission (&#8220;SEC&#8221;) for the offering to which this communication relates. Before you invest,
      you should read the prospectus in that registration statement, the preliminary prospectus supplement and other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering. You may get these documents
      for free by visiting EDGAR on the SEC&#8217;s website at <u>www.sec.gov.</u> Alternatively, the issuer, any underwriter or any dealer participating in the offerings will arrange to send you the prospectus and the related preliminary prospectus supplement
      if you request it by calling Piper Sandler &amp; Co. toll-free at (866) 805-4128 or emailing fsg-dcm@psc.com.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-weight: bold;">ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT
      OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.</div>
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