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Scotiabank Announces Redemptions of CDN $1,750 million 3.89% Subordinated Debentures due 2029 and CDN $300 million Non-cumulative 5-Year Rate Reset Preferred Shares Series 40
Scotiabank Announces Redemptions of CDN $1,750 million 3.89% Subordinated Debentures due 2029 and...
About this update from Bank Of Nova Scotia
[{"type":"text","content":"\n \n \n \n Scotiabank Announces Redemptions of CDN $1,750 million 3.89% Subordinated Debentures due 2029 and CDN $300 million Non-cumulative 5-Year Rate Reset Preferred Shares Series 40\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Dec. 8, 2023\n \n \n /CNW/ - Scotiabank (TSX: BNS) (NYSE: BNS) today announced its intention to redeem (i) all outstanding CDN\n \n $1,750 million\n \n 3.89% Subordinated Debentures (Non-Viability Contingent Capital (NVCC)) due\n \n January 18, 2029\n \n (the \"Debentures\") at 100% of their principal amount plus accrued and unpaid interest to but excluding the date fixed for redemption, and (ii) all outstanding Non-cumulative 5-Year Rate Reset Preferred Shares Series 40 (Non-Viability Contingent Capital (NVCC)) (\"Series 40 Shares\") at a price equal to\n \n $25.00\n \n per share together with dividends declared and unpaid prior to the redemption. The redemptions of the Debentures and Series 40 Shares will occur on\n \n January 18, 2024\n \n , and\n \n January 29, 2024\n \n , respectively. Formal notice will be delivered to the debenture holders in accordance with the terms and conditions set forth in the related trust indenture.\n \n \n \n \n \n \n \n \n \n On\n \n November 28, 2023\n \n , the Board of Directors of Scotiabank declared a quarterly dividend of\n \n $0.303125\n \n per Series 40 Share. This will be the final dividend of the Series 40 Shares and will be paid on\n \n January 29, 2024\n \n , to shareholders of record at the close of business on\n \n January 3, 2024\n \n , as previously announced. Subsequent to this final dividend payment, the Series 40 Shares will cease to be entitled to dividends.\n \n \n The redemptions of the Debentures and Series 40 Shares have been approved by the Office of the Superintendent of Financial Institutions and will be financed out of the general funds of Scotiabank. These redemptions are part of the Bank's ongoing management of its Tier 1 and Tier 2 capital.\n \n \n \n About Scotiabank\n \n \n \n Scotiabank is a leadi...