Butterfield Bank: Pricing Of Secondary Offering

February 23, 2017

The Bank of Butterfield today [Feb 23] announced the pricing of a registered secondary offering by certain selling shareholders of 9,555,794 of Butterfield’s voting ordinary shares at a price to the public of $31.75 per share.

“Butterfield will not receive any of the proceeds from the sale of the shares,” the Bank said. “The shares have been offered by certain selling shareholders, including affiliates of The Carlyle Group [the “Selling Shareholders”].

“The Selling Shareholders have granted the underwriters a 30-day option to purchase an additional 1,433,369 shares at the Offering Price, less underwriting discounts and commissions.

“The offering is expected to close on or about 28 February 2017, subject to customary closing 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.”

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