HSB.PR.E To Be Redeemed

HSBC Bank Canada has announced:

HSBC Bank Canada (HSB.PR.E-TMX) today announced its intention to redeem all of its issued and outstanding Non-Cumulative 5-Year Rate Reset Class 1 Preferred Shares Series E (the “Series E shares”), on 30 June 2014, for cash at a redemption price of $25.00 per share.

There are 10,000,000 Series E shares outstanding, representing $250 million of capital. The redemption of the Series E shares will be financed out of the general corporate funds of HSBC Bank Canada.

Separately from the redemption price, the final quarterly dividend of $0.4125 for each of the Series E shares will be paid in the usual manner on 30 June 2014 to shareholders of record on 13 June 2014.

No surprises here … HSB.PR.E is a FixedReset, 6.60%+485, announced 2009-3-23 and closing 2009-4-8 after an embarrassing hiccup.

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