By Wendy Van Sickle
Columbus, Ohio, April 30 – Laurentian Bank of Canada priced C$125 million of 5.3% Non-Viability Contingent Capital fixed-to-floating rate subordinated notes on Friday, according to a news release.
The notes (DBRS: BB) convert to a floating rate on June 15, 2026 at the five-year Government of Canada Yield plus 433.4 basis points through the June 15, 2081 maturity.
Laurentian Bank Securities and CIBC Capital Markets are the bookrunners.
The bank may redeem the bonds from the period of May 15 through June 15 starting in 2026 and every five years thereafter.
Proceeds of the offering will be added to Laurentian's general funds and used for general banking purposes.
Laurentian Bank of Canada is a Montreal-based bank.
| Issuer: | Laurentian Bank of Canada
|
| Amount: | C$125 million
|
| Maturity: | June 15, 2081
|
| Securities: | Non-Viability Contingent Capital fixed-to-floating rate subordinated notes
|
| Bookrunners: | Laurentian Bank Securities and CIBC Capital Markets
|
| Coupon: | 5.3%; converts after five years to floating rate of five-year Government of Canada Yield plus 433.4 bps
|
| Call feature: | During period of May 15 through June 15 starting in 2026 and every five years thereafter
|
| Pricing date: | April 30
|
| Settlement date: | May 7
|
| Rating: | DBRS: BB
|
| Distribution: | Canada
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
