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to U.S. news wire services or for dissemination in the United States.
National Bank of Canada (the “Bank”) (TSX: NA) announced today that
none of its outstanding 12,000,000 Non-Cumulative 5-Year Rate Reset
First Preferred Shares, Series 32 (the “Series 32 Preferred Shares”)
will be converted on February 15, 2020 into Non-Cumulative Floating
Rate First Preferred Shares, Series 33 (the “Series 33 Preferred Shares”).
During the conversion period, 58,495 Series 32 Preferred
Shares were tendered for conversion into Series 33 Preferred Shares,
which is less than the minimum 1,000,000 required to give effect to
the conversion, as per the terms of the Series 32 Preferred Shares
described in the prospectus supplement dated October 2, 2014.
As a result, no Series 33 Preferred Shares will be issued on
February 15, 2020 and holders of Series 32 Preferred Shared will
retain their shares.
The Series 32 Preferred Shares are currently listed on the Toronto
Stock Exchange under the symbol NA.PR.W. The annual dividend rate for
such shares for the five-year period commencing on February 16, 2020,
and ending on February 15, 2025, will be 3.839% .
About National Bank of Canada
With $281 billion in
assets as at October 31, 2019, National Bank of Canada , together
with its subsidiaries, forms one of Canada's leading integrated
financial groups. It has more than 25,000 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 , LinkedIn and Twitter .