National Bank of Canada (“National Bank”) today announced that it has
closed its 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”). National Bank
issued 12 million Series 40 Preferred Shares at a price of $25.00 per
share to raise gross proceeds of $300 million.
offering was underwritten by a syndicate led by National Bank
The Series 40 Preferred Shares will
commence trading on the Toronto Stock Exchange today under the ticker
The Series 40 Preferred Shares were
issued under a prospectus supplement dated January 15, 2018 to
National Bank's short form base shelf prospectus dated November 21,
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 United States.
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,