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Government of Bermuda Launches BD$50 Million Senior Notes Offering
Hamilton, Bermuda – 02 December, 2013 - The Government of Bermuda today filed an announcement regarding its BMD$50 Million Senior Notes Offering. The filing stated:
“The Government of Bermuda (the “Government”) today launched an offering of BD$50 million Senior Notes targeted at local investors in Bermuda. Butterfield Securities (Bermuda) Limited (“Butterfield”) has been selected as the sole bookrunning manager for the offering. Investors are invited to attend either of the following information sessions for a presentation by the Ministry of Finance:
Tuesday, 3 December 2013 – 5:30 p.m.
Fairmont Hamilton Princess
Princess Victoria Room
76 Pitts Bay Road, Pembroke
Wednesday, 4 December 2013 – 5:30 p.m.
Fairmont Hamilton Princess
Gazebo Room
76 Pitts Bay Road, Pembroke
Butterfield will be accepting subscription applications from Permitted Purchasers* until 5pm Friday, 6 December 2013. Subscription applications are available at www.butterfieldgroup.com/govbond2013. The coupon (interest rate) will be dependent upon market demand, but the final rate will not be less than 4.75%. The Government and Butterfield have advised that, in the event of an oversubscribed offering, they will ensure importance is placed on allotments to smaller, individual subscription applications.
Summary of Key Terms
Issuer: The Government of Bermuda
Issue: [∙]% Senior Notes
Tenor: 10 years
Coupon: [∙]% subject to pricing, minimum 4.75%
Denominations: BD$1,000
Minimum Subscription: BD$10,000
Expected rating: AA-, Negative Outlook (S&P)/Aa3, Negative Outlook
(Moody’s)/AA-, Negative Outlook (Fitch)
Form: Book entry only in the Bermuda Securities Depository
Listing: Bermuda Stock Exchange
Offering Period: Subscription forms accepted from 2 December 2013 to
5:00pm 6 December 2013
For further information, including the preliminary offering memorandum and subscription requirements, please visit www.butterfieldgroup.com/govbond2013 or email govbond2013@butterfieldgroup.com. Alternatively, you may visit Butterfield at 65 Front Street, 2nd Floor, or contact your broker.
* The securities will be offered only to (A) Bermuda residents subject to the laws of any applicable jurisdiction and (B) persons with Bermudian status who may be permitted (i) without further action by the Government and (ii) under the laws of their respective jurisdiction of residence to subscribe for securities of this nature (“Permitted Purchasers”).
Butterfield Securities (Bermuda) Limited is admitted as a trading member of the Bermuda Stock Exchange and licensed to conduct investment business by the Bermuda Monetary Authority.
Anthony Manders, C.G.A
Financial Secretary
Government of Bermuda | Ministry of Finance
Government Administration Building
30 Parliament Street, Hamilton HM 12, Bermuda
Direct: 441 297 7501
Fax: 441 275 5727