National Bank of Canada has announced:
its intention to redeem all of its remaining issued and outstanding Non-Cumulative 5-Year Rate Reset First Preferred Shares Series 21 (the “Preferred Shares Series 21”), on August 16, 2013, being, pursuant to the share conditions, the first date the Bank may, at its option, redeem the Preferred Shares Series 21 at a price equal to $25.00 per share, together with all declared and unpaid dividends.
Formal notice will be issued toshareholders in accordance with the share conditions. The redemption of the Preferred Shares Series 21 is subject to the approval of the Office of the Superintendent of Financial Institutions and is part of the Bank’s ongoing management of its regulatory capital.
NA.PR.N was one of the first FixedResets brought to market and has a now irrelevant Issue Reset Spread of +205bp. There are less than 3.5-million shares outstanding, as a tender offer in 2011 attracted more than half the float.
NA.PR.N is tracked by HIMIPref™ and is a member of the FixedReset sub-index.
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