BNS.PR.N To Be Redeemed

The Bank of Nova Scotia has announced:

that it intends to exercise its right to redeem all outstanding Non-cumulative Preferred Shares Series 16 of Scotiabank (the “Series 16 Shares”) on January 27, 2017, at a price equal to $25.00 per share, together with all declared and unpaid dividends. Formal notice will be issued to shareholders in accordance with the share conditions.

The redemption has been approved by the Office of the Superintendent of Financial Institutions and will be financed out of the general funds of Scotiabank.

On November 29, 2016, the Board of Directors of Scotiabank announced a quarterly dividend of $0.328125 per Series 16 Share. This will be the final dividend on the Series 16 Shares and will be paid in the usual manner on January 27, 2017, to shareholders of record at the close of business on January 3, 2017, as previously announced. After January 27, 2017, the Series 16 Shares will cease to be entitled to dividends.

BNS.PR.N is 5.25% Straight Perpetual that commenced trading 2007-10-15 after being announced 2007-9-25. It has been tracked by HIMIPref™ and, as it has not had an NVCC clause, been considered a Deemed Retractible.

For those keeping score … yes, this issue is being redeemed on the first day of its par-call eligibility.

Leave a Reply

You must be logged in to post a comment.