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Conyers acted as special Bermuda counsel to The Bank of N.T Butterfield & Son Limited (“Butterfield”) in connection with its US$349 million secondary offering (the “Offering”) of 10,989,163 voting ordinary shares (“common shares”) on the New York Stock Exchange (“NYSE”) at a price of $31.75 per common share, all of which were sold by certain selling shareholders of the Butterfield (including 1,433,369 common shares pursuant to the underwriters’ option to purchase additional common shares, which was exercised in full prior to the closing of the Offering ). The common shares are listed on the NYSE under the symbol “NTB” and also remain listed on the Bermuda Stock Exchange under symbol “NTB:BH”.
Butterfield is Bermuda’s first and largest independent bank and a specialist provider of international financial services. The Butterfield Group offers a full range of community banking services in Bermuda and the Cayman Islands, encompassing retail and corporate banking and treasury activities. In the wealth management area, the Butterfield Group provides private banking, asset management and personal trust services from its headquarters in Bermuda and subsidiary offices in The Bahamas, the Cayman Islands, Guernsey, Switzerland and the United Kingdom. Butterfield also provides services to corporate and institutional clients from offices in Bermuda, The Bahamas, the Cayman Islands and Guernsey, which include asset management and corporate trust services.
Directors David Cooke and Sophia Greaves and Associate, Edward Rance of Conyers Dill & Pearman’s Bermuda office advised on the matter, working alongside Sullivan & Cromwell for Butterfield and Davis Polk & Wardwell LLP for the underwriters in the IPO.
Goldman, Sachs & Co., Citigroup, Sandler O’Neill & Partners, L.P. and Keefe, Bruyette & Woods acted as the joint book-running managers, and Raymond James and Wells Fargo Securities acted as co-managers for the Offering.