This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.
BSX Approves Listing of The Bank of N. T. Butterfield & Son Limited Subordinated Notes
Hamilton, Bermuda, 4 July 2005 - The Listing Committee of the Bermuda Stock Exchange (BSX) today announced the approval of the listing of The Bank of N. T. Butterfield & Son Limited ("Butterfield Bank") US $150 Million Subordinated Notes - Series A Due 2015 and Series B Due 2020.
The US $ 90 million notes issued under Series A will pay a fixed coupon of 4.81% until 2 July 2010 when they become redeemable in whole at the option of Butterfield Bank. The US$ 60 million notes issued under Series B will pay a fixed coupon of 5.11% until 2 July 2015 when they also become redeemable in whole at Butterfield Bank's option. The Notes will be subordinated unsecured obligations of Butterfield Bank.
The subordinated debt proceeds will provide Butterfield Bank with increased regulatory capital in the form of Lower Tier 2 capital. The proceeds will be used for general corporate purposes.
The Bermuda Monetary Authority has given its consent for the issue and transfer of the Notes being offered pursuant to this offering to and among persons not resident in Bermuda for exchange control purposes, subject to such persons being "qualified institutional buyers" as such term is defined in Rule 144A under the Securities Act and certain other restrictions and conditions.
Butterfield Bank retained Lehman Brothers to act as its placement agent in arranging, on a "best efforts" basis, the private placement of the Notes.
The Notes were sponsored to listing by Butterfield Securities (Bermuda) Limited, a wholly owned subsidiary of Butterfield Bank. The securities are being introduced for listing under the regulations for International Debt Securities.
"The BSX welcomes Butterfield Bank's Subordinated Notes due 2015 and 2020 to listing", said Mr. James S. McKirdy, Chief Compliance Officer of the BSX. "We are pleased that the BSX continues to attract to listing debt issued by local companies that have their existing common share capital listed on the Exchange."
Hamilton, Bermuda, 4 July 2005 - The Listing Committee of the Bermuda Stock Exchange (BSX) today announced the approval of the listing of The Bank of N. T. Butterfield & Son Limited ("Butterfield Bank") US $150 Million Subordinated Notes - Series A Due 2015 and Series B Due 2020.
The US $ 90 million notes issued under Series A will pay a fixed coupon of 4.81% until 2 July 2010 when they become redeemable in whole at the option of Butterfield Bank. The US$ 60 million notes issued under Series B will pay a fixed coupon of 5.11% until 2 July 2015 when they also become redeemable in whole at Butterfield Bank's option. The Notes will be subordinated unsecured obligations of Butterfield Bank.
The subordinated debt proceeds will provide Butterfield Bank with increased regulatory capital in the form of Lower Tier 2 capital. The proceeds will be used for general corporate purposes.
The Bermuda Monetary Authority has given its consent for the issue and transfer of the Notes being offered pursuant to this offering to and among persons not resident in Bermuda for exchange control purposes, subject to such persons being "qualified institutional buyers" as such term is defined in Rule 144A under the Securities Act and certain other restrictions and conditions.
Butterfield Bank retained Lehman Brothers to act as its placement agent in arranging, on a "best efforts" basis, the private placement of the Notes.
The Notes were sponsored to listing by Butterfield Securities (Bermuda) Limited, a wholly owned subsidiary of Butterfield Bank. The securities are being introduced for listing under the regulations for International Debt Securities.
"The BSX welcomes Butterfield Bank's Subordinated Notes due 2015 and 2020 to listing", said Mr. James S. McKirdy, Chief Compliance Officer of the BSX. "We are pleased that the BSX continues to attract to listing debt issued by local companies that have their existing common share capital listed on the Exchange."