Bank of N.T. Butterfield & Son Ltd. priced an offering of $75 million aggregate principal amount of its 5.25% fixed-to-floating rate subordinated notes due 2028.

The offering is expected to close on or about May 24.

The Hamilton, Bermuda-based company intends to use the net proceeds to repay a portion of its outstanding debt and for other general corporate purposes.

Sandler O'Neill & Partners and Wells Fargo Securities are acting as joint book-running managers for the offering.