Butterfield Bank has made $75 million of subordinated notes available to investors.

The 5.25 per cent fixed to floating rate subordinated notes have a maturity date of June 1, 2028.

The proceeds from the offering will be used to repay a portion of the bank’s outstanding indebtedness, specifically its outstanding 5.15 per cent Series B subordinated notes, which mature on May 27. In addition, some of the proceeds will be used for general corporate purposes, which may include the repayment of a portion of “outstanding unsecured subordinated indebtedness”.

The offering is expected to close on or about Thursday. The joint book-running managers are Sandler O’Neill & Partners and Wells Fargo securities.