/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES./
MONTREAL, Jan. 29,
2024 /CNW/ - National Bank of Canada (the "Bank") today announced the filing
of a prospectus supplement to a short form base prospectus dated
August 22, 2022, with the various
securities regulatory authorities in all provinces and territories
of Canada under the Medium Term
Notes Program (the "MTN Program"). The Bank also announced that it
intends to issue Medium Term Notes for an aggregate principal
amount of $500 million at an interest
rate of 5.279% and maturing on February
15, 2034 (Non-Viability Contingent Capital (NVCC))
constituting subordinated indebtedness of the Bank through its MTN
Program (the "Notes"). The Notes will be issued and sold through a
dealer syndicate led by National Bank Financial Inc.
The Notes are expected to be issued on February 5, 2024 and will mature on February 15, 2034. Interest on the Notes will be
paid semi-annually at 5.279% per annum until February 15, 2029, and thereafter at a floating
rate equal to Daily Compounded CORRA plus 1.80% payable
quarterly.
The Bank may, at its option, with the prior approval of the
Superintendent of Financial Institutions (Canada), redeem the Notes on or after
February 15, 2029, in whole or in
part, at par plus accrued and unpaid interest on not less than 10
nor more than 60 days' prior notice to holders. The proceeds to the
Bank from the sale of the Notes will be added to the Bank's general
funds and will be utilized for general banking purposes.
The Notes 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 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
Certain statements in this press release are
forward-looking statements. These statements are based on a number
of assumptions and are subject to risk factors,
inherent risks and uncertainties, many of which are
beyond National Bank's control and the impacts of which are
difficult to predict. 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 $424 billion in assets as at October 31, 2023, National Bank of Canada is one of Canada's six systemically important banks. The
Bank has approximately 30,000 employees in knowledge-intensive
positions and operates through three business segments in
Canada: Personal and Commercial
Banking, Wealth Management and Financial Markets. A fourth segment,
U.S. Specialty Finance and International, complements the growth of
its domestic operations. Its securities are listed on the Toronto
Stock Exchange (TSX: NA). Follow the Bank's activities at
nbc.ca or via social media.
SOURCE National Bank of Canada