Business
National Bank of Canada Announces Conversion Rights for Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series 42 Non-Viability Contingent Capital (NVCC) (the "Series 42 Shares")
National Bank of Canada Announces Conversion Rights for Non-Cumulative 5-Year Rate Reset First Pr...
About this update from National Bank Of Canada
[{"type":"text","content":"\n \n \n \n National Bank of Canada Announces Conversion Rights for Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series 42 Non-Viability Contingent Capital (NVCC) (the \"Series 42 Shares\")\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.prnml40{\nMARGIN-LEFT:3.33em !IMPORTANT\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n \n \n MONTREAL\n \n \n ,\n \n \n Sept. 20, 2023\n \n \n /CNW/ - National Bank of\n \n Canada\n \n (\"National Bank\") (TSX: NA) announced today that it does not intend to exercise its right to redeem all or part of the currently outstanding 12,000,000 Series 42 Shares on\n \n November 15, 2023\n \n . As a result, subject to certain conditions, the holders of the Series 42 Shares will have the right to convert all or part of their Series 42 Shares on a one-for-one basis into Non-Cumulative Floating Rate First Preferred Shares, Series 43 (NVCC) (the \"Series 43 Shares\") on\n \n November 15, 2023\n \n , in accordance with the terms of the Series 42 Shares described in the prospectus supplement dated\n \n June 4, 2018\n \n .\n \n \n Holders who do not exercise their right to convert their Series 42 Shares into Series 43 Shares on\n \n November 15, 2023\n \n , will retain their Series 42 Shares.\n \n \n The foregoing conversions are subject to the conditions that:\n \n \n i.  if National Bank determines that there would remain outstanding on\n \n November 15, 2023\n \n , less than 1,000,000 Series 43 Shares, after having taken into account all Series 42 Shares tendered for conversion into Series 43 Shares, then holders of Series 42 Shares will not be entitled to convert their shares into Series 43 Shares, and\n \n \n ii.  alternatively, if National Bank determines that there would remain outstanding on\n \n November 15, 2023\n \n , less than 1,000,000 Series 42 Shares, after having taken into account all Series 42 Shares tendered for conversion into Series 43 Shares, then all remai...