/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES./
MONTREAL, Sept. 8,
2022 /CNW Telbec/ - National Bank of Canada ("National Bank" or the "Bank") today
announced the closing of its previously announced offering of
$500 million of 7.500% Limited
Recourse Capital Notes, Series 3 (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 46 (Non-Viability Contingent Capital (NVCC))
(the "Series 46 Preferred Shares") to be held by
Computershare Trust Company of Canada as trustee for NBC LRCN Limited
Recourse 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 in
respect of the Notes, which will consist of Series 46 Preferred
Shares except in limited circumstances.
The Notes and the Series 46 Preferred Shares were issued under a
prospectus supplement dated August 31,
2022 to National Bank's short form base shelf prospectus
dated August 22, 2022.
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.
About National Bank of Canada
With $387 billion in assets as
at July 31, 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