Bank of Hawai‘i Corporation Announces Pricing of $165 Million Depositary Shares Offering
June 18 2024 - 6:22PM
Business Wire
Bank of Hawai‘i Corporation (NYSE: BOH) today announced the
pricing of a public offering of 6,600,000 depositary shares, each
representing 1/40th ownership interest in a share of its 8.000%
Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B, for
gross proceeds of $165 million. Each share of preferred stock has a
liquidation preference of $1,000 per share, equivalent to $25 per
depositary share. The offering is expected to close on June 21,
2024, subject to the satisfaction of customary closing
conditions.
BofA Securities, Inc.; J.P. Morgan Securities LLC; Keefe,
Bruyette & Woods, Inc.; and Wells Fargo Securities, LLC acted
as the joint-book running managers for the offering.
The net proceeds from the issuance and sale of the depositary
shares, after deducting underwriting discount and commissions, and
before the payment of estimated expenses, will be approximately
$162 million. Bank of Hawai‘i Corporation intends to use the net
proceeds from the offering for general corporate purposes, which
may include supporting asset growth. Bank of Hawai‘i Corporation
will apply to list the depositary shares on the New York Stock
Exchange under the symbol “BOHPrB.”
This press release does not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of any
of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
The securities referred to in this news release have not been
approved or disapproved by any regulatory authority, nor has any
such authority passed upon the accuracy or adequacy of the
prospectus supplement or the shelf registration statement or
prospectus relating to the offering.
The offering is being made only by means of a prospectus
supplement and accompanying base prospectus. Bank of Hawai‘i
Corporation (the “Company”) has filed a registration statement
(including a base prospectus) and a preliminary prospectus
supplement with the U.S. Securities and Exchange Commission (the
"SEC") for the offering to which this communication relates and
will file a final prospectus supplement relating to the offering.
Prospective investors should read the prospectus supplement and
base prospectus in that registration statement and other documents
Bank of Hawai‘i Corporation has filed or will file with the SEC for
more complete information about Bank of Hawai‘i Corporation and
this offering. You may get these documents for free by visiting
EDGAR on the SEC's website at www.sec.gov. Alternatively, copies of
the final prospectus supplement and the accompanying base
prospectus for the offering, when available, may be obtained by
contacting BofA Securities, Inc. (Attn: Prospectus Department, 201
North Tryon Street, NC1-022-02-25, Charlotte, NC 28255-0001,
Telephone: (800) 294-1322 or by email at
dg.prospectus_requests@bofa.com); J.P. Morgan Securities LLC (Attn:
Investment Grade Syndicate Desk, 383 Madison Avenue, New York, New
York 10179, Fax: (212) 834-6081); Keefe, Bruyette & Woods, Inc.
(Attn: Capital Markets, 787 Seventh Avenue, 4th Floor, New York,
New York 10019, Telephone: (800) 966-1559 or by email at
USCapitalMarkets@kbw.com); and Wells Fargo Securities, LLC (Attn:
WFS Customer Service, 608 2nd Avenue South, Suite 1000,
Minneapolis, MN 55402, Toll-free: 1-800-645-3751, or by email:
wfscustomerservice@wellsfargo.com).
Forward-Looking
Statements
This news release, and other statements made by the Company in
connection with it may contain "forward-looking statements" (as
defined in the Private Securities Litigation Reform Act of 1995)
that involve risks and uncertainties that could cause results to be
materially different from expectations. Forecasts of our financial
results and condition, expectations for our operations and business
prospects, and our assumptions used in those forecasts and
expectations are examples of certain of these forward-looking
statements. Do not unduly rely on forward-looking statements.
Actual results might differ significantly from our forecasts and
expectations because of a variety of factors. More information
about these factors is contained in the Company’s Annual Report on
Form 10-K for the year ended December 31, 2023 and its form 10-Q
for the fiscal quarter ended March 31, 2024, which were filed with
the U.S. Securities and Exchange Commission. These forward-looking
statements are not guarantees of future performance and speak only
as of the date made, and, except as required by law, the Company
undertakes no obligation to update or revise any forward-looking
statements to reflect subsequent events, new information or future
circumstances.
Bank of Hawai‘i Corporation is an independent regional financial
services company serving businesses, consumers, and governments in
Hawai‘i and the West Pacific. The Company's principal subsidiary,
Bank of Hawai‘i, was founded in 1897. Bank of Hawai‘i Corporation
is a trade name of Bank of Hawaii Corporation.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240618498826/en/
Investor/Analyst Inquiries Chang Park Email:
Chang.Park@boh.com Phone: 808-694-8238
Media Inquiries Melissa Torres-Laing Email:
Melissa.Torres-Laing@boh.com Phone: 808-694-8384 Mobile:
808-859-1703
Bank of Hawaii (NYSE:BOH)
Historical Stock Chart
From Jun 2024 to Jul 2024
Bank of Hawaii (NYSE:BOH)
Historical Stock Chart
From Jul 2023 to Jul 2024