An anonymous director reports
SCOTIABANK ANNOUNCES REDEMPTION OF SCOTIA BATS III SERIES 2009-1 BY SCOTIABANK TIER 1 TRUST
Bank of Nova Scotia's Scotiabank Tier 1 Trust, a closed-end trust wholly owned by the bank, intends to redeem all outstanding 7.802 per cent Scotiabank Tier 1 securities, Series 2009-1, due June 30, 2108, for 100 per cent of their principal amount, together with accrued and unpaid interest to the redemption date. The redemption will occur on June 30, 2019. Formal notice will be delivered to Scotia BaTS III, Series 2009-1, holders in accordance with the terms of the offering.
Scotia BaTS III, Series 2009-1, constitute additional Tier 1 capital of the bank. The principal amount of Scotia BaTS III, Series 2009-1, is currently $650-million. The redemption of the Scotia BaTS III, Series 2009-1, will be financed out of the general finances of Scotiabank Tier 1 Trust.
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