Butterfield Announces Launch of Secondary Offering
February 21 2017 - 06:11PM
Business Wire
The Bank of N.T. Butterfield & Son Limited (“Butterfield”)
(NYSE: NTB) (BSX: NTB.BH) today announced that certain of its
shareholders (collectively, the “Selling Shareholders”), including
affiliates of The Carlyle Group (collectively, “Carlyle”), intend
to offer 9,555,794 shares of Butterfield’s voting ordinary shares,
par value $0.01 per share (the “Common Stock”), in an underwritten
public offering. In addition, the Selling Shareholders intend to
grant the underwriters a 30-day option to purchase up to an
additional 1,433,369 shares of the Common Stock at the public
offering price, less underwriting discounts and commissions. The
shares offered, including the underwriters’ option to purchase
additional shares, will include all 7,632,569 shares currently
owned by Carlyle. Butterfield will not be issuing any shares in
connection with the offering and will not receive any proceeds from
the offering.
The pricing and completion of the offering remain subject to a
range of conditions.
Goldman, Sachs & Co., Citigroup, Sandler O’Neill &
Partners and Keefe, Bruyette & Woods are acting as the joint
book-running managers, and Raymond James and Wells Fargo Securities
are acting as co-managers for the offering.
This offering will only be made by means of a prospectus. When
available, copies of the preliminary prospectus related to the
offering may be obtained from Goldman, Sachs & Co., Attention:
Prospectus Department, 200 West Street, New York, NY 10282, or by
telephone at (866) 471 2526, or by e-mail at
prospectus-ny@ny.email.gs.com, from Citigroup, c/o: Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717,
by telephone at (800) 831 9146, or by e-mail at
prospectus@citi.com, from Sandler O’Neill & Partners, L.P.,
1251 Avenue of the Americas, New York, NY 10020, or by telephone at
(866) 805 4128, or from Keefe, Bruyette & Woods, Inc., by
telephone at (800) 966 1559.
A registration statement relating to these securities has been
filed with the Securities and Exchange Commission (“SEC”), but has
not yet become effective. These securities may not be sold nor may
offers to buy be accepted prior to the time the registration
statement becomes effective. Copies of the registration statement
can be accessed through the SEC’s website at www.sec.gov. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
Forward-Looking Statements
This News Release contains forward-looking statements, including
with respect to the registered secondary offering. Forward-looking
statements may generally be identified by the use of words such as
"anticipate," "believe," "expect," "intend," "plan," and "will" or,
in each case, their negative, or other variations or comparable
terminology. These forward-looking statements include all matters
that are not historical facts. By their nature, forward-looking
statements involve risks and uncertainties because they relate to
events and depend on circumstances that may or may not occur in the
future. As a result, actual events may differ materially from those
expressed in or suggested by the forward-looking statements. Any
forward-looking statement made by Butterfield in this News Release
speaks only as of the date hereof. New risks and uncertainties come
up from time to time, and it is impossible for Butterfield to
predict these events or how they may affect it. Butterfield does
not intend to update any forward-looking statements after the date
hereof, except as required by law.
About Butterfield
Butterfield is a specialist provider of international financial
services. The Butterfield Group offers a full range of community
banking services in Bermuda, and the Cayman Islands, encompassing
retail and corporate banking and treasury activities. The Group
variously provides private banking, asset management, investment
advisory, residential property lending and personal trust services
from its headquarters in Bermuda and subsidiary offices in The
Bahamas, the Cayman Islands, Guernsey, Switzerland and the United
Kingdom. Butterfield also provides services to corporate and
institutional clients from offices in Bermuda, The Bahamas, the
Cayman Islands and Guernsey, which include asset management and
trust services. Butterfield is publicly traded on the New York
Stock Exchange. Butterfield is also publicly traded in Bermuda, and
its shares are listed on the Bermuda Stock Exchange.
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version on businesswire.com: http://www.businesswire.com/news/home/20170221006786/en/
The Bank of N.T. Butterfield & Son LimitedMedia Relations
ContactMark Johnson, 441-299-1624Vice President, Group Head of
CommunicationsCellular: 441-524-1025Fax:
441-295-3878mark.johnson@butterfieldgroup.com
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