19:37:05 EDT Fri 18 Oct 2019
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Bank of Nova Scotia
Symbol C : BNS
Shares Issued 1,227,048,874
Close 2019-01-11 C$ 71.37
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Scotiabank arranges $1.75-billion debenture offering

2019-01-11 18:38 ET - News Release

An anonymous director reports


Bank of Nova Scotia has arranged an offering of $1.75-billion of 3.89 per cent subordinated debentures (non-viability contingent capital (NVCC)) due 2029 pursuant to its July 25, 2018, base-shelf prospectus.

The debentures, to be sold through an agency syndicate led by Scotiabank Global Banking & Markets, are expected to be issued on Jan. 18, 2019. Interest will be payable semi-annually from the date of issue until Jan. 18, 2024, at 3.89 per cent per annum. From Jan. 18, 2024, to maturity on Jan. 18, 2029, the debentures will pay a quarterly coupon at a rate of the 90-day bankers acceptance plus 1.58 per cent, beginning April 18, 2024.

On or after Jan. 18, 2024, Scotiabank may, at its option, with the prior approval of the Superintendent of Financial Institutions (Canada), redeem the debentures, in whole at any time or in part from time to time on not fewer than 30 nor more than 60 days prior notice, at a redemption price of par plus accrued and unpaid interest.

Net proceeds from this transaction will be used for general banking purposes.

Scotiabank intends to file, in Canada, a prospectus supplement to its July 25, 2018, base-shelf prospectus. A copy of this document, as well as the base-shelf prospectus, can be obtained at SEDAR.

Scotiabank is Canada's international bank and a leading financial service provider in the Americas. It is dedicated to helping its 25 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of more than 97,000 employees and assets of $998-billion (as at Oct. 31, 2018), Scotiabank trades on the Toronto and New York stock exchanges.

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