Butterfield Bank has invited prospective investors in its upcoming $200 million issuance of preferred shares to a series of information sessions this week.

Three sessions will be held on Wednesday at the Bermuda Underwater Exploration Institute, at 12.30 p.m., 2.30 p.m. and 5 p.m.

And a further two information sessions will take place on Thursday at the second floor of the Butterfield Rosebank Centre, in Bermudiana Road, starting at 10.30 a.m. and 5.30 p.m.

The bank advertised the sessions in today's edition of The Royal Gazette (see page 2).

The bank has previously indicated that interest in the preferred stock sale has been "strong" and support from the Government, which is guaranteeing principal invested and dividends, is expected to add to the attractiveness to investors.

Butterfield announced on March 6 that it would raise the money to give it an additional "capital buffer" to allow it to withstand the impact of a severe economic downturn.

Prospective investors will be keen to find out the terms and conditions, and particularly what yield they will be able to expect.

Investors in preferred stock generally receive fixed dividends and a higher claim on assets and earnings than holders of common stock.

The capital raise is scheduled to be completed by June 30 and any of the $200 million in preferred shares not snapped up by the private sector will be bought by the Government.