National Bank of Canada closes 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 and Simonne Horwitz (corporate/securities).

On June 13, 2016, National Bank of Canada ("National Bank") announced that it closed its domestic public offering of 16 million non-cumulative 5-year rate reset first preferred shares series 36 (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 6, 2016 to National Bank's short form base shelf prospectus dated December 1, 2014.

National Bank, together with its subsidiaries, forms one of Canada's leading integrated financial groups, with C$221 billion in assets as at April 30, 2016.

Further information can be found on National Bank's website.