National Bank of Canada to Redeem its First Preferred Shares Series 34 (NVCC)
National Bank of Canada ("National Bank") today announced its intention, subject to approval from the Office of the Superintendent of Financial Institutions, to redeem all of its 16,000,000 issued and outstanding Non-Cumulative 5-Year Rate Reset First Preferred Shares Series 34 (Non-Viability Contingent Capital (NVCC)) (the “Preferred Shares Series 34”) on May 15, 2021, for cash at a redemption price of $25.00 per share, together with all declared and unpaid dividends.
The quarterly dividend of $0.35 per Preferred Share Series 34 declared on February 24, 2021 is the final dividend on the Preferred Shares Series 34, and is payable in the usual manner on May 15, 2021 to shareholders of record on April 5, 2021, as previously announced.
Since May 15, 2021 is not a business day, amounts due to holders of Preferred Shares 34 on that date will be paid on the first business day following that date, namely, Monday, May 17, 2021.
Formal notice will be given to holders of Preferred Shares Series 34 in accordance with the terms of the shares.
The redemption of the Preferred Shares Series 34 is part of National Bank’s ongoing management of its regulatory capital.
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 National Bank, including obtaining the regulatory approval required to complete the proposed redemption. Except as required by law, National 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 $344 billion in assets as at January 31, 2021, National Bank of Canada, together with its subsidiaries, forms one of Canada’s leading integrated financial groups. National Bank has more than 26,000 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 National Bank’s activities at nbc.ca or via social media such as Facebook, LinkedIn and Twitter.
|For more information:|
|Marianne Ratté||Marie-Pierre Jodoin|
|Senior Director, Investor Relations||Senior Manager, Public Affairs and
Corporate Social Responsibility
|National Bank of Canada||National Bank of Canada|
|Tel: 1-866-517-5455||Tel: 514-394-4209|