TIDM0UKI

RNS Number : 5329T

Bank of Nova Scotia

25 March 2021

The Bank of Nova Scotia

25 March 2021

   THE   BANK OF NOVA SCOTIA 
   (a   Canadian   chartered   bank) 

(the Issuer)

SCOTIABANK COVERED BOND GUARANTOR LIMITED PARTNERSHIP

(the Guarantor)

NOTICE OF BASE RATE MODIFICATION AND NEW MARGIN

to the holders of the:

GBP550,000,000 Floating Rate Covered Bonds due 10 January 2023

(Series: CBL19) (ISIN: XS1747445481)

(the Series CBL19 Covered Bonds or the Covered Bonds and the holders thereof, the Covered Bondholders)

On 3 March 2021, the Issuer announced an invitation to Eligible Covered Bondholders of the Series CBL19 Covered Bonds to consent to certain amendments to the terms of the Series CBL19 Covered Bonds (the Consent Solicitation). A meeting of the Series CBL19 Covered Bondholders (the Meeting) was held earlier today in connection with the Consent Solicitation, and the Issuer now announces the base rate modification and New Margin applicable to the Series CBL19 Covered Bonds.

Capitalised terms used in this announcement but not defined have the meanings given to them in the consent solicitation memorandum dated 3 March 2021 (the Consent Solicitation Memorandum) and the Notice of Meeting with respect to the Series CBL19 Covered Bonds dated 3 March 2021.

Base Rate Modification and New Margin

In accordance with Annex C (Margin Adjustment) of the Notice of Meeting dated 3 March 2021, the determination of the LIBOR vs SONIA Interpolated Basis and Forward Start Adjustment took place at or around 1:00 p.m. London time (the Pricing Time) on 25 March 2021.

Accordingly, NOTICE IS HEREBY FURTHER GIVEN to the Series CBL19 Covered Bondholders that in connection with the Series CBL19 Covered Bonds:

(i) the LIBOR vs SONIA Interpolated Basis (as calculated by the Solicitation Agents at the Pricing Time) is 0.074 per cent;

   (ii)   the Forward Start Adjustment is 0.001 per cent; and 

(iii) the New Margin is 0.305 per cent. (being the sum of the Original Margin, the LIBOR vs SONIA Interpolated Basis and the Forward Start Adjustment);

each with effect from 12 April 2021 (The Effective Date is the next Interest Payment Date following the Pricing Date. While ordinarily this would be 10 April 2021, as 10 April 2021 is not a Business Day, the next Interest Payment Date following the Pricing Date is postponed to 12 April 2021 in accordance with the Business Day Convention specified in the Final Terms).

DISCLAIMER: This announcement must be read in conjunction with the Consent Solicitation Memorandum. The distribution of this announcement and the Consent Solicitation Memorandum in certain jurisdictions may be restricted by law, and persons into whose possession this announcement and/or the Consent Solicitation Memorandum comes are required to inform themselves about, and to observe, any such restrictions. This announcement is made by the Issuer. None of the Tabulation Agent, the Principal Paying Agent, the Solicitation Agents or the Bond Trustee assumes any responsibility for the contents of this announcement or the Consent Solicitation Memorandum.

THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU) 596/2014 (MAR) AS IT FORMS PART OF DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.

This announcement is made by Darren Potter, Managing Director, Term Funding & Capital Management, on behalf of the Issuer.

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END

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March 25, 2021 09:39 ET (13:39 GMT)