PrefBlog

Laurentian Bank of Canada has announced:

that it has closed its previously announced public offering, on a bought deal basis, of 5,000,000 Non-Cumulative Class A Preferred Shares, Series 15 (Non Viability Contingent Capital (NVCC)) (the “Preferred Shares Series 15”), including 1,000,000 Preferred Shares Series 15 that were issued pursuant to the partial exercise of the underwriters’ option to purchase additional shares, at a price of $25.00 per share for gross proceeds of $125 million (the “Offering”).

The Offering was underwritten by a syndicate led by BMO Capital Markets, TD Securities Inc. and RBC Dominion Securities Inc.

The Preferred Shares Series 15 will commence trading on the Toronto Stock Exchange today under the ticker symbol “LB.PR.J”.

The Preferred Shares Series 15 were issued pursuant to a prospectus supplement dated March 10, 2016 to Laurentian Bank’s short form base shelf prospectus dated November 10, 2014.

The net proceeds of this Offering will be added to the Bank’s general funds and will be used for general corporate purposes.

LB.PR.J is a FixedReset, 5.85%+513, NVCC, announced 2016-3-8. It will be tracked by HIMIPref™ but has been relegated to the Scraps index on credit concerns.

The issue traded 329,696 shares today in a range of 24.84-93 before closing at 24.85-87, 28×30. Vital statistics are:

This entry was posted on Friday, March 18th, 2016 at 2:56 am and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.