Bank of N.T. Butterfield plans to price 10-year fixed-to-floating subordinated notes

By James McCandless

San Antonio, June 4 – Bank of N.T. Butterfield & Son Ltd. plans to price an offering of $1,000-par fixed-to-floating rate subordinated notes due 2030, according to a 424B5 filing with the Securities and Exchange Commission.

Keefe, Bruyette & Woods, Inc. is the bookrunner.

Coupons are payable semiannually. After the coupon converts to a floating rate, it becomes payable quarterly.

The coupon is fixed for five years, then converts to a rate of the three-month SOFR plus a spread.

The notes are redeemable after five years. Prior to that, the notes are redeemable after a tax event.

N.T. Butterfield plans to use the proceeds for general corporate purposes, which may include the repayment of a portion or all of its outstanding unsecured subordinated debt.

The company plans to list the notes on the Bermuda Stock Exchange under the symbol “NTBBH2.BH.”

N.T. Butterfield is a Bermuda-based financial services company.

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