Bank of Hawaii Corporation’s $180 Million Depositary Shares Offering

Wachtell Lipton advised Bank of Hawaii Corporation on the offering.

Bank of Hawaii Corporation (NYSE: BOH) announced the pricing of a public offering of 7,200,000 depositary shares, each representing 1/40th ownership interest in a share of its 4.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, for gross proceeds of $180 million. 

BofA Securities, Inc., Goldman Sachs & Co. LLC, Keefe, Bruyette & Woods, Inc., and UBS 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 $176 million. Bank of Hawaii Corporation intends to use the net proceeds from the offering for general corporate purposes, which may include supporting asset growth, and repurchases of its common stock under its stock repurchase program, which it plans to resume as soon as practicable following this offering subject to market and economic conditions and applicable SEC rules. Bank of Hawaii Corporation will apply to list the depositary shares on the New York Stock Exchange under the symbol “BOHPrA”.

Bank of Hawaii Corporation is an independent regional financial services company serving businesses, consumers, and governments in Hawaii and the West Pacific. The Company’s principal subsidiary, Bank of Hawaii, was founded in 1897.

Wachtell Lipton advised Bank of Hawaii with a team led by Brandon C. Price, Partner (Picture), supported by Kwon-Yong Jin, Associate, Ellen E. Choe, Law Clerk, Alison B. Brockman, Summer Associate (Corporate), Richard K. Kim, Partner (Bank Regulatory), Alicia C. McCarthy, Counsel (Executive Compensation and Benefits), and Joshua M. Holmes, Partner (Tax).

Involved fees earner: Joshua Holmes – Wachtell, Lipton, Rosen & Katz; Kwon-Yong Jin – Wachtell, Lipton, Rosen & Katz; Richard Kim – Wachtell, Lipton, Rosen & Katz; Alicia McCarthy – Wachtell, Lipton, Rosen & Katz; Brandon Price – Wachtell, Lipton, Rosen & Katz;

Law Firms: Wachtell, Lipton, Rosen & Katz;

Clients: Bank of Hawaii;

Author: Martina Bellini