National Bank of Canada ("National Bank") today announced its intention, subject to the approval of the Office of the Superintendent of Financial Institutions, to redeem all of its 16,000,000 issued and outstanding Non-Cumulative 5-Year Rate Reset First Preferred Shares Series 36 (Non-Viability Contingent Capital (NVCC)) (the “Preferred Shares Series 36”) on August 15, 2021, for cash at a redemption price of $25.00 per share, together with all declared and unpaid dividends.
On May 28, 2021, National Bank announced that the quarterly dividend of $0.3375 per Preferred Shares Series 36 had been declared. This will be the final dividend on the Preferred Shares Series 36, and will be payable in the usual manner on August 15, 2021 to shareholders of record on July 6, 2021, as previously announced.
Since August 15, 2021 is not a business day, amounts due to holders of Preferred Shares 36 on that date will be paid on the first business day following that date, being Monday, August 16, 2021.
Formal notice will be given to holders of Preferred Shares Series 36 in accordance with the terms thereof.
The redemption of the Preferred Shares Series 36 is part of National Bank’s ongoing management of its regulatory capital.