/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES/
MONTREAL, April 18,
2024 /CNW/ - Laurentian Bank of Canada (TSX: LB) (the "Bank") announced today
that it does not intend to exercise its right to redeem all or any
of its currently outstanding Non-Cumulative Class A Preferred
Shares, Series 13 (the "Preferred Shares Series 13") (TSX: LB.PR.H)
on June 15, 2024. As a result,
subject to certain conditions described in the prospectus
supplement dated March 27, 2014
relating to the issuance of the Preferred Shares Series 13 (the
"Prospectus"), the holders of the Preferred Shares Series 13 have
the right, at their option, to convert any or all of their
Preferred Shares Series 13 into an equal number of the Bank's
Non-Cumulative Class A Preferred Shares, Series 14 (the "Preferred
Shares Series 14") on June 17, 2024.
This date is the first business day following the conversion date
of June 15, 2024, identified in the
Prospectus, which falls on a Saturday. In accordance with the share
conditions, a written notice of the right to convert Preferred
Shares Series 13 into Preferred Shares Series 14 will be sent to
the registered holders of the Preferred Shares Series 13. Holders
of Preferred Shares Series 13 are not required to elect to convert
all or any part of their Preferred Shares Series 13 into Preferred
Shares Series 14. Holders who do not exercise their right to
convert their Preferred Shares Series 13 into Preferred Shares
Series 14 on such date will retain their Preferred Shares Series
13, unless automatically converted in accordance with the
conditions below.
The foregoing conversion right is subject to the conditions
that: (i) if, after May 31, 2024, the
Bank determines that there would be less than 1,000,000 Preferred
Shares Series 14 outstanding on June 17,
2024, then no Preferred Shares Series 13 will be converted
into Preferred Shares Series 14, and (ii) alternatively, if after,
May 31, 2024, the Bank determines
that there would be less than 1,000,000 Preferred Shares Series 13
outstanding on June 17, 2024, then
all remaining Preferred Shares Series 13 will automatically be
converted into an equal number of Preferred Shares Series 14 on
June 17, 2024. In either case, the
Bank will give written notice to that effect to any registered
holders of Preferred Shares Series 13 affected by the preceding
minimums on or before June 7,
2024.
The dividend rate applicable to the Preferred Shares Series 13
for the five-year period from and including June 15, 2024 to, but excluding, June 15, 2029, and the dividend rate applicable
to the Preferred Shares Series 14 for the three-month period from
and including June 15, 2024 to, but
excluding, September 15, 2024, will
be determined and announced by way of a news release on
May 16, 2024. The Bank will also give
written notice of these dividend rates to the registered holders of
Preferred Shares Series
13.
Beneficial owners of Preferred Shares Series 13 who wish to
exercise their right of conversion should instruct their broker or
other nominee to exercise such right before 5:00 p.m. (Montreal time) on May
31, 2024. Conversion inquiries should be directed to the
Bank's Registrar and Transfer Agent, Computershare Investor
Services Inc., at 1-800-564-6253.
The Preferred Shares Series 13 and the Preferred Shares Series
14 have not been and will not be registered in the United States under the United States
Securities Act of 1933, as amended (the "Securities Act"), or the
securities laws of any state of the
United States and may not be offered, sold or delivered,
directly or indirectly in the United
States or to, or for the account or benefit of, a "U.S.
person" (as defined in Regulation S under the Securities Act)
absent registration or an applicable exemption from such
registration requirements. This press release does not constitute
an offer to sell or a solicitation to buy securities in
the United States and any public
offering of the securities in the United
States must be made by means of a prospectus.
About Laurentian Bank
At Laurentian Bank, we believe we can change banking for the
better. By seeing beyond numbers.
Founded in Montréal in 1846, Laurentian Bank helps families,
businesses and communities thrive. Today, we have approximately
3,000 employees working together as one team, to provide a broad
range of financial services and advice-based solutions for
customers across Canada and
the United States. We protect,
manage and grow $48.1 billion in
balance sheet assets and $26.5
billion in assets under administration.
We drive results by placing our customers first, making the
better choice, acting courageously, and believing everyone
belongs.
SOURCE Laurentian Bank of Canada