/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES./
MONTREAL, Sept. 9, 2020 /CNW Telbec/ - National Bank
of Canada ("National Bank") today
announced the closing of its previously announced offering of
$500 million of 4.300% Limited
Recourse Capital Notes, Series 1 (Non-Viability Contingent Capital
(NVCC)) (Subordinated Indebtedness) (the "Notes").
The Notes were offered by a group of agents led by National Bank
Financial Inc.
Concurrently with the issuance of the Notes, National Bank has
also issued Non-Cumulative 5-Year Fixed Rate Reset First Preferred
Shares, Series 44 (Non-Viability Contingent Capital (NVCC))
(the "Series 44 Preferred Shares") to be held by
Computershare Trust Company of Canada as trustee for a newly-formed trust
(the "Limited Recourse Trust"). In case of non-payment of
interest on or principal of the Notes when due, the recourse of
each Note holder will be limited to that holder's proportionate
share of the Limited Recourse Trust's assets, which will consist of
Series 44 Preferred Shares except in limited circumstances.
The Notes and the Series 44 Preferred Shares were issued under a
prospectus supplement dated September 1,
2020 to National Bank's short form base shelf prospectus
dated August 17, 2020.
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 of America 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
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. 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 $322 billion in
assets as at July 31, 2020, National Bank of Canada, together with its subsidiaries, forms
one of Canada's leading integrated
financial groups. It 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 the Bank's activities at nbc.ca or via social
media such
as Facebook, LinkedIn and Twitter.
SOURCE National Bank of Canada