‘Carlyle No Longer Holds Any Common Shares’
The Bank of Butterfield announced the closing of its secondary offering, and said following the closing “Carlyle no longer holds any Common Shares and the Investment Agreement between Butterfield and Carlyle has terminated.”
The Bank said, “The Bank of N.T. Butterfield & Son Limited today announced the closing of its previously announced registered secondary offering by certain selling shareholders, including affiliates of the Carlyle Group [Carlyle], of 10,989,163 of its voting ordinary shares [Common Shares] at a price of $31.75 per share. Butterfield did not receive any of the proceeds from the sale of the Common Shares.
“The offering included 1,433,369 Common Shares sold pursuant to the underwriters’ option to purchase additional shares, which was exercised in full prior to the closing.
“Following the closing of the offering, Carlyle no longer holds any Common Shares and the Investment Agreement between Butterfield and Carlyle has terminated.”
Michael Collins, Butterfield’s Chief Executive Officer, said “We are pleased that our secondary offering was well received by the market.
“I would like to thank Carlyle for its investment and advice over the past several years as we worked together to restructure the Bank.
“It has been a strong partnership, an alignment of capital and strategy that has repositioned Butterfield as a leading independent bank and trust company with a bright future.
“James Burr and David Zwiener, who were nominated to serve on Butterfield’s Board by Carlyle, have agreed to stand for re-election at the Annual General Meeting to serve as directors for a further year.
“The Bank will benefit from both the continuity of leadership and the financial services experience that Jim and David bring to our Board.”
