BNS.PR.R Settles in on Big Volume

Scotiabank has announced:

that it has completed the domestic offering of 12 million, non-cumulative 5-year rate reset preferred shares Series 22 (the “Preferred Shares Series 22”) at a price of $25.00 per share. The gross proceeds of the offering were $300 million.

The offering was made through a syndicate of investment dealers led by Scotia Capital Inc. The Preferred Shares Series 22 commence trading on the Toronto Stock Exchange today under the symbol BNS.PR.R.

I was somewhat surprised to see that the issue size was $300-million, since the original announcement was for $200-million with a $50-million greenshoe, but SEDAR reveals (“Bank of Nova Scotia, The”, “August 27, 2008”, “Underwriting or Agency Agreement”):

The Bank now wishes to offer to the Underwriters, and the Underwriters now wish to purchase from the Bank, an additional 4,000,000 Preferred Shares Series 22 at a price of $25.00 per Preferred Share Series 22.

So it would appear they had no trouble at all getting it off the shelf!

The issue traded 782,940 shares today in a range of 24.86-00, closing at 24.97-99, 100×400.

BNS.PR.R has been added to the HIMIPref™ Fixed-Reset Index.

3 Responses to “BNS.PR.R Settles in on Big Volume”

  1. […] issue settled yesterday. Thirteen blocks were traded, with Nesbitt very active; the two biggest were Nesbitt crossed 40,000 […]

  2. […] issue settled Tuesday. Scotia bought 19,400 from Nesbitt at […]

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