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Bank Of Butterfield Notifies BSX Of Sub-Debt Transactions
Hamilton, Bermuda, May 28, 2008 - The Bank of N.T.Butterfield & Son Limited reports the issuance and sale by private placement of U.S.$53,000,000 aggregate principal amount of Series A Subordinated Notes due 2018 and U.S.$25,000,000 aggregate principal amount of Series B Subordinated Notes due 2023, which have been approved for listing on the Bermuda Stock Exchange.
These debt instruments are treated as Lower Tier 2 capital for regulatory purposes. The funds raised have been applied towards the repayment of the total principal outstanding on a similar issue made by the Bank in 2003, its Series A Subordinated Notes due 2013.