Bar Harbor Bankshares’ $40 Million Debt Offering


K&L Gates counseled Bar Harbor Bankshares on the deal. Goodwin Procter LLP served as legal counsel to the placement agents.

Bar Harbor Bankshares (NYSE: BHB) issued a $40 million debt aggregate principal amount of fixed-to-floating rate subordinated notes in a private placement transaction.

Bar Harbor will use the proceeds from the offering for general corporate purposes, including the replacement of $22 million of subordinated notes outstanding from earlier this year.

The lead placement agent was Sandler O’Neill + Partners, L.P. and co-placement agent was Keefe, Bruyette & Woods.

Bar Harbor Bankshares is the parent company of its wholly owned subsidiary, Bar Harbor Bank & Trust. Operating over 50 locations across Maine, New Hampshire, and Vermont, Bar Harbor Bank & Trust is headquartered in Bar Harbor, Maine, and has more than $3.6 billion in assets.

The K&L Gates team that advised Bar Harbor was led by Boston partners Stanley Ragalevsky (Picture) and Steve Palmer with assistance from Boston associates Rob Tammero, Erin Bruynell, and Bella Zaslavsky.

Involved fees earner: Erin Bruynell – K&L Gates; Stephen Palmer – K&L Gates; Stanley Ragalevsky – K&L Gates; Robert Tammero – K&L Gates; Bella Zaslavsky – K&L Gates;

Law Firms: K&L Gates;

Clients: Bar Harbor Bankshares;