National Bank of Canada has announced:
its intention to redeem all of its 12,000,000 issued and outstanding Non-Cumulative 5-Year Rate Reset First Preferred Shares Series 32 (the “Series 32 Shares”) on February 15, 2025, for cash at a redemption price of $25.00 per share, together with all declared and unpaid dividends.
The quarterly dividend of $0.2399375 per Series 32 Share declared on December 3, 2024 is the final dividend on the Series 32 Shares, and is payable in the usual manner on February 15, 2025 to shareholders of record on January 6, 2025, as previously announced.
Since February 15, 2025, is not a business day, amounts due to holders of the Series 32 Shares on that date will be paid on the first business day following that date, namely, Monday, February 17, 2025.
The redemption has been approved by the Office of the Superintendent of Financial Institutions. Formal notice will be given to holders of the Series 32 Shares in accordance with the terms of the Series 32 Shares.
The redemption of the Series 32 Shares is part of the Bank’s ongoing management of its regulatory capital.
NA.PR.W is a FixedReset, 3.90%+225, that commenced trading 2014-10-9 after being announced 2014-9-30. The company announced the extension on 2019-12-19. NA.PR.W reset at 3.839% effective February 16, 2020. I recommended against conversion and there was no conversion. The issue is tracked by HIMIPref™ and is assigned to the FixedReset (Discount) subindex.
Thanks to Assiduous Reader IrateAR for bringing this to my attention!
This entry was posted on Wednesday, December 18th, 2024 at 8:39 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.
NA.PR.W To Be Redeemed
National Bank of Canada has announced:
NA.PR.W is a FixedReset, 3.90%+225, that commenced trading 2014-10-9 after being announced 2014-9-30. The company announced the extension on 2019-12-19. NA.PR.W reset at 3.839% effective February 16, 2020. I recommended against conversion and there was no conversion. The issue is tracked by HIMIPref™ and is assigned to the FixedReset (Discount) subindex.
Thanks to Assiduous Reader IrateAR for bringing this to my attention!
This entry was posted on Wednesday, December 18th, 2024 at 8:39 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.