National Bank of Canada closes offering of NVCC AT1 Limited Recourse Capital Series 3 Notes for C$500M

On September 8, 2022, National Bank of Canada (“NBC”) closed on its previously announced offering of C$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”).

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.

McCarthy Tétrault LLP advised National Bank with a team led by Patrick Boucher that included Romarick Prats and Annie-Poirier Simard (Business).