Butterfield Explore Transactions Equity Securities
In a filing with the Bermuda Stock Exchange, the Bank of N.T. Butterfield & Son Limited Michael Collins, Chief Executive Officer of The Bank of N.T. Butterfield & Son Limited announced that the Bank is considering the merits of alternative transactions in its equity securities.
The company said, “These initiatives may include an international listing of its common shares in the United States [in addition to its listing on the Bermuda Stock Exchange] as a way of enhancing the Bank’s access to capital, providing additional liquidity for its shareholders, and facilitating access to a wider pool of international investors.
“Additionally, the Bank is considering the launch of a placement of its equity securities and other capital instruments in the international markets.
“The Bank is working with an internationally recognised investment bank to lead the process.
Mr. Collins also stated that the Bank is considering the merits of a public offering of a new class of preference shares, in conjunction with a possible restructuring or redemption of its outstanding 8% Preference Shares, including an exchange offer and other refinancing options.
Presently, the Bank intends to work through these alternative transactions over the next six months.
