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Conyers Dill & Pearman acted as special Bermuda counsel to The Bank of N.T Butterfield & Son Limited (“Butterfield”) in connection with its US$287.5 million initial public offering (“IPO”) of 12,234,042 voting ordinary shares (“common shares”) on the New York Stock Exchange (“NYSE”) at a price of $23.50 per common share, of which 5,957,447 common shares were issued and sold by Butterfield and 6,276,595 common shares were sold by certain selling shareholders (including 1,595,744 common shares pursuant to the underwriters’ option to purchase additional common shares, which was exercised in full prior to the closing of the IPO). 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 Wachtell, Lipton, Rozen & Katz for Butterfield and Davis Polk & Wardwell LLP for the underwriters in the IPO.
Goldman, Sachs & Co., Citigroup and Sandler O’Neill & Partners, L.P. acted as the joint book-running managers, and Keefe, Bruyette & Woods, Raymond James and Wells Fargo Securities acted as co-managers for the offering.