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National Bank of Canada closes offering of Limited Recourse Capital Notes for C$500M

Date Closed

September 09, 2020

Lead Office

Toronto

Value

500.00 Million CAD

On September 9, 2020, National Bank of Canada (NBC) closed its previously announced offering of C$500 million of 4.3% Limited Recourse Capital Notes, Series 1 (Non-Viability Contingent Capital subordinated 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 44 (Non-Viability Contingent Capital) to be held by Computershare Trust Company of Canada as trustee for a newly-formed trust.

NBC, headquartered in Montreal, is Canada's sixth largest chartered bank.

McCarthy Tétrault LLP advised National Bank with a team led by Patrick Boucher that included Andrew Parker, Barry J. Ryan, Gabrielle M. Richards, Hilary E. Laidlaw, Jo-Anna Brimmer, Laure Fouin, Isabelle Nazon, Suzie Cusson, Karl Bherer, Annie Poirier-Simard and Angela Lizotte.

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