National Bank of Canada has announced (on 2022-11-4):
that none of its outstanding 16,000,000 Series 38 Shares will be converted on November 15, 2022, into Non-Cumulative Floating Rate First Preferred Shares, Series 39 (NVCC) (the “Series 39 Shares”).
During the conversion period, 82,826 Series 38 Shares were tendered for conversion into Series 39 Shares, which is less than the minimum 1,000,000 required to give effect to the conversion, as per the terms of the Series 38 Shares described in the prospectus supplement dated June 5, 2017.
As a result, no Series 39 Shares will be issued on November 15, 2022, and holders of Series 38 Shared will retain their shares.
The Series 38 Shares are currently listed on the Toronto Stock Exchange under the symbol NA.PR.C. The annual dividend rate for such shares for the five-year period commencing on November 16, 2022, and ending on November 15, 2027, will be 7.027%.
NA.PR.C is a FixedReset, 4.45%+343, NVCC-compliant, that commenced trading 2017-6-13 after being announced 2017-6-1. Notice of extension was given in 2022 and it reset to 7.027%. The issue is tracked by HIMIPref™ and has been assigned to the FixedResets (Discount) subindex.
This entry was posted on Saturday, December 10th, 2022 at 1:22 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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NA.PR.C: No Conversion to FloatingReset
National Bank of Canada has announced (on 2022-11-4):
NA.PR.C is a FixedReset, 4.45%+343, NVCC-compliant, that commenced trading 2017-6-13 after being announced 2017-6-1. Notice of extension was given in 2022 and it reset to 7.027%. The issue is tracked by HIMIPref™ and has been assigned to the FixedResets (Discount) subindex.
This entry was posted on Saturday, December 10th, 2022 at 1:22 pm 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.