/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES./
MONTREAL, Jan. 6, 2025
/CNW/ - National Bank of Canada (the "Bank") (TSX: NA) today announced
the filing of a prospectus supplement to a short form base
prospectus dated September 6, 2024,
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 $1.0
billion at an interest rate of 4.260% and maturing on
February 15, 2035 (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 January 13, 2025 and will mature on February 15, 2035. Interest on the Notes will be
paid semi-annually at 4.260% per annum until February 15, 2030, and thereafter at a floating
rate equal to Daily Compounded CORRA plus 1.56% 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, 2030, 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. All such statements are made in
accordance with applicable securities legislation in Canada and the
United States. Forward-looking statements in this press
release may include, but are not limited to, statements made about
the potential issuance of Notes and the anticipated timing thereof.
These forward-looking statements are typically identified by verbs
or words such as "outlook", "believe", "foresee", "forecast",
"anticipate", "estimate", "project", "expect", "intend" and "plan",
in their future or conditional forms, notably verbs such as "will",
"may", "should", "could" or "would", as well as similar terms and
expressions. 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 $462 billion in assets
as at October 31, 2024, 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