Scotiabank calls 3.89% debentures due 2029 and series 40 preferreds

By Wendy Van Sickle

Columbus, Ohio, Dec. 8 – Bank of Nova Scotia intends to redeem all its outstanding C$1.75 billion 3.89% subordinated debentures due Jan. 18, 2029 and all its non-cumulative five-year rate reset preferred shares, series 40, on Jan. 27, according to a press release.

The 2029 debentures will be redeemed on Jan. 18 at par plus interest.

The preferred shares will be redeemed on Jan. 24 at C$25.00 per share plus unpaid dividends.

On Nov. 30, Scotiabank declared quarterly dividends of $0.303125 per series 40 share. These dividends will be paid on Jan. 29.

Scotiabank will pay for the redemptions with its general funds. The bank says the redemptions are part of its management of its tier 1 and tier 2 capital.

The bank is based in Toronto.

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