The launch of the ten year floating rate Notes is designed to enhance the capital and balance sheet positions of the Bank of Butterfield and raise its profile in the international capital markets. By attracting this form of capital the Bank will be poised to achieve its objective of increasing shareholder value. The make-up of its shareholder register, which is more than 70% Bermudian owned, will not change as a result of this transaction.
The Bank's lead manager for the issue is Lehman Brothers and a primary application has been made for the Notes to be listed on the Luxembourg Stock Exchange.
The secondary listing of the Notes on The BSX is sponsored by Butterfield Securities (Bermuda) Limited, (a wholly owned subsidiary of the Bank of N.T. Butterfield & Son Limited) of Hamilton Bermuda. The securities are being introduced for listing under the regulations for International Debt Securities.
"The Bank of Butterfield is naturally pleased that its debut issue in the international capital markets was a success and that, through the listing of the Notes on The BSX, we are able to demonstrate our continued support for Bermuda Stock Exchange", said Richard Ferrett, Executive Vice President & Chief Financial Officer of The Bank of Butterfield.
"The BSX is delighted to list the Bank of Butterfield's Notes. The Exchange is working towards attracting more international debt issuers and listing their securities in the future," said Mr. James S. McKirdy, Listing Manager of The BSX.