The Bank of Butterfield today announced that certain of its shareholders, including affiliates of The Carlyle Group, intend to offer 9,555,794 shares of Butterfield’s voting ordinary shares, par value $0.01 per share, 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 bank said.
“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.”