By Marisa Wong
Morgantown, W.Va., Nov. 5 – Bank of Nova Scotia priced $23.16 million of 14.5% STEP Income Securities due Nov. 14, 2016 linked to the common stock of FireEye, Inc., according to a 424B5 filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If the final price of FireEye stock is greater than or equal to the step level, 114.5% of the initial share price, the payout at maturity will be par of $10 plus the step payment of 8.12%.
If the final share price is greater than or equal to the initial share price but less than the step level, investors will receive par.
If the final share price is less than the initial share price, investors will have one-to-one exposure to the decline.
BofA Merrill Lynch is the agent.
| Issuer: | Bank of Nova Scotia
|
| Issue: | STEP Income Securities
|
| Underlying stock: | FireEye, Inc.
|
| Amount: | $23,159,650
|
| Maturity: | Nov. 14, 2016
|
| Coupon: | 14.5%, payable quarterly
|
| Price: | Par of $10
|
| Payout at maturity: | If the final price of FireEye stock is greater than or equal to the step level, par plus 8.12%; if the final share price is greater than or equal to the initial share price but less than the step level, par; if the final share price is less than the initial share price, investors will have one-to-one exposure to the decline
|
| Initial price: | $28.15
|
| Step level: | $32.23, 114.5% of initial price
|
| Pricing date: | Oct. 28
|
| Settlement date: | Nov. 3
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 1.75%
|
| Cusip: | 064160302
|
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