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BNTB Preferred Share Offering

1 June 2009 - LOM is pleased to offer your clients the opportunity to invest in the new USD $200,000,000 BNTB Preferred Share offering.  LOM has been appointed a member of the authorized selling group, as such clients will receive special treatment towards allocations when the deal is launched next week.  

The Preference Shares are fully and unconditionally guaranteed, with the full faith and credit of the Government of Bermuda (the “Guarantor”).  This guarantee covers both the interest payments as well as the maturity that will come in the way of an unconditional put in 2019.  As a result this could be viewed as a ten year bond.  

The dividends on the Preference Shares will be payable quarterly on March 15, June 15, September 15 and December 15 of each year at a fixed rate to be determined over the next week.  Your clients interest in this issue will help determine the level in which the coupon is set.

LOM is the only firm to provide proprietary research on BNTB.  Current research can be found at Butterfield Bank Group.  A complete memorandum for the new issue can be obtained by calling LOM at 441-292-5000 (x278).

Details:
Issuer:Bank of N.T. Butterfield & Son Limited
Guarantee:Guaranteed by the Government of Bermuda
Amount:$200mm<
>Issuer's Sr. Rating:A1/A-/A-
Guarantor Rating:Aa2/AA/AA+
Issue Rating:Aa2/NR/AA+
Type:Tier 1 Non-cumulative
Maturity:Perpetual
Call/Put:June 2019 (Mandatory put is to Govt of Bermuda)
Format:144A/Reg S/BSD
Coupon:Payable quarterly
Denoms:$1000 per share
Books:UBS Sole (Plus Local Selling Group: LOM, BNTB, First Bermuda, Barrington, Capital G)
Marketing:Butterfield Bank Group