/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES/
MONTREAL, July 18,
2022 /CNW Telbec/ - National Bank of Canada (the "Bank") today announced the filing
of a prospectus supplement to a short form base prospectus dated
August 17, 2020, with the various
securities regulatory authorities in all provinces and territories
of Canada to establish a 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 $750 million at
an interest rate of 5.426% and maturing on August 16, 2032 (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 July 25, 2022 and will mature on August 16, 2032. Interest on the Notes will be
paid semi-annually at 5.426% per annum until August 16, 2027, and thereafter at a floating
rate equal to Daily Compounded CORRA plus 2.32% 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
August 16, 2027, 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
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 $370 billion in
assets as at April 30, 2022, National
Bank of Canada, together with its
subsidiaries, forms one of Canada's leading integrated financial groups.
The Bank has more than 28,000 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