Transaction|June 13, 2017
National Bank of Canada completes C$400 million NVCC preferred share offering
Torys acted as counsel to the syndicate of underwriters led by National Bank Financial with a team that included David Seville, Laura Sigurdson and Isabella Ssozi.
On June 13, 2017, National Bank of Canada (National Bank) announced that it closed its domestic public offering of non-cumulative 5-year rate reset first preferred shares series 38 (non-viability contingent capital (NVCC)) at a price of C$25.00 per share, to raise gross proceeds of C$400 million.
The offering was underwritten by a syndicate led by National Bank Financial Inc. and issued under a prospectus supplement dated June 5, 2017 to National Bank's short form base shelf prospectus dated November 21, 2016.
National Bank, together with its subsidiaries, forms one of Canada's leading integrated financial groups, with C$239 billion in assets as at April 30, 2017.
Further information can be found on National Bank's website.