Northern Trust Engages Diverse Businesses to Underwrite $1 Billion of Senior Debt

Rhea-AI Summary

Northern Trust Corporation (Nasdaq: NTRS) has successfully closed a public offering of $1 billion in senior debt, initiated on May 5, 2022. This move reflects the company’s dedication to diversity, equity, and inclusion in the financial services sector, as evidenced by the involvement of two minority-owned firms, Loop Capital Markets and Siebert Williams Shank, as joint lead bookrunners. Northern Trust emphasizes the significance of partnerships that support broader market changes while maintaining a commitment to community engagement.

Positive

• Successfully closed a public offering of $1 billion in senior debt.
• Inclusion of minority-owned firms Loop Capital Markets and Siebert Williams Shank as joint lead bookrunners.
• Demonstrates commitment to diversity, equity, and inclusion in financial services.

Negative

• None.

CHICAGO--(BUSINESS WIRE)-- Northern Trust Corporation (Nasdaq: NTRS) announced today that it has closed its public offering of $1 billion of senior debt, which commenced on May 5, 2022. As part of its longstanding commitment to diversity, equity and inclusion within the financial services industry, Northern Trust included two minority-owned firms as joint lead bookrunners.

“This transaction illustrates how diversity and expanding opportunity is foundational to how Northern Trust engages with our communities and stakeholders,” Chief Financial Officer Jason Tyler said. “Northern Trust is thrilled to have completed this transaction with such a strong group of partners while also reflecting our values.”

The underwriting syndicate included minority-owned firms Loop Capital Markets and Siebert Williams Shank, as well as traditional co-bookrunners Barclays Capital Inc.; Goldman Sachs & Co. LLC; and Wells Fargo Securities, LLC. Chicago-based Loop Capital is a leading Black-owned brokerage firm; Siebert Williams Shank is a leading women-and minority-owned investment banking firm.

“Loop Capital is honored to have a long-standing strategic partnership with Northern Trust dating back to the earliest days of our firm’s existence,” said Jim Reynolds, Chairman and CEO of Loop Capital Markets. “With the selection of our firm as an active joint-lead bookrunner, Northern Trust has taken another formative step in the empowerment of Loop Capital, while supporting an important broader market shift on Wall Street for an even deeper commitment to diversity, equity and inclusion at all levels of the financial services value chain.”

“Siebert Williams Shank is proud to have acted as a Joint Bookrunner on this landmark transaction,” said Suzanne Shank, President and Chief Executive Officer of Siebert Williams Shank. “Our strategic partnership with Northern Trust dates back to 2005, with engagements from capital raising to asset management, and has helped Siebert Williams Shank grow, re-invest in our communities and support our social mission. Northern Trust continues to prioritize diversity, equity, and inclusion and has offered a stage for firms such as Siebert Williams Shank to showcase our capabilities and serve our clients and investors in a greater capacity; such opportunities we believe will benefit the broader investment industry.”

“Wells Fargo Securities was honored to be selected by Northern Trust as bookrunner and billing & delivering agent on this transaction,” said John Hines, Head of High Grade Debt Capital Markets at Wells Fargo’s Corporate & Investment Bank. “Additionally, we valued working with our peer dealers, particularly the minority-owned firms Loop Capital and Siebert Williams Shank. Wells Fargo & Co. is dedicated to creating a sustainable, inclusive financial ecosystem, and we certainly embrace and promote these in our Debt Capital Markets business lines. We applaud Northern Trust for their efforts in this regard.”

Mayer Brown LLP served as counsel to Northern Trust and McDermott Will & Emery LLP served as counsel to the underwriters.

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 23 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2022, Northern Trust had assets under custody/administration of US$15.5 trillion, and assets under management of US$1.5 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on Twitter @NorthernTrust or Northern Trust Corporation on LinkedIn.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220510006446/en/

Media Contact:

Doug Holt

Northern Trust

(312) 557-1571

Doug.Holt@ntrs.com

http://www.northerntrust.com

Source: Northern Trust Corporation

FAQ

What was the amount raised in Northern Trust's recent public offering?

Northern Trust raised $1 billion in its recent public offering of senior debt.

When did Northern Trust's public offering commence?

The public offering commenced on May 5, 2022.

Which firms were involved as joint lead bookrunners for Northern Trust's offering?

Loop Capital Markets and Siebert Williams Shank were involved as joint lead bookrunners.

What does Northern Trust's recent offering signify in terms of corporate values?

The offering signifies Northern Trust's commitment to diversity, equity, and inclusion within the financial industry.