National Bank of Canada (“National Bank”) today announced that as a
result of strong investor demand for its previously announced domestic
public offering of non-cumulative 5-year rate reset first preferred
shares series 40 (non-viability contingent capital (NVCC)) (the
“Series 40 Preferred Shares”), the underwriters have exercised their
option to purchase an additional 4,000,000 Series 40 Preferred Shares.
The size of the offering has been increased to 12 million shares for
gross proceeds of $300 million. The offering will be underwritten by a
syndicate led by National Bank Financial Inc. The expected closing
date is on or about January 22, 2018.
The net proceeds of the offering will be used for general corporate
purposes and added to National Bank’s capital base.
The Series 40 Preferred Shares have not been and will not be
registered under the U.S. Securities Act of 1933, as amended, or under
any state securities laws, and may not be offered, sold, directly or
indirectly, or delivered within the United States of America and its
territories and possessions or to, or for the account or benefit of,
United States persons except in certain transactions exempt from the
registration requirements of such Act. This press release shall not
constitute an offer to sell or a solicitation to buy securities in the
Caution Regarding Forward-Looking Statements
This press release includes certain forward-looking statements.
These statements are inherently subject to significant risks,
uncertainties and changes in circumstances, many of which are beyond
the control of the Bank. Except as required by law, the Bank does
not undertake to update any forward-looking statements, whether
written or oral, that may be made from time to time, by it or on its
behalf. The forward-looking information contained in this press
release is presented for the purpose of interpreting the information
contained herein and may not be appropriate for other purposes.
About National Bank of Canada
With $246 billion in
assets as at October 31, 2017, National
Bank of Canada, together with its subsidiaries, forms one of
Canada's leading integrated financial groups. It has more than
21,000 employees in knowledge-intensive positions and has been
recognized numerous times as a top employer and for its commitment
to diversity. Its securities are listed on the Toronto Stock
Exchange (TSX: NA). Follow the Bank’s activities at nbc.ca or via social media such as Facebook,