National Bank Completes $170M Public Offering of First Preferred Shares

National Bank of Canada completed a public offering in Canada on January 14, 2009 of $170 million of Non-cumulative 5-Year Rate Reset First Preferred Shares Series 24. The net proceeds of the offering qualify as Tier 1 capital for the bank.

The bank was represented in-house by Dominic Paradis (senior manager/securities & subsidiaries/legal affairs), Mélanie Viguié-Bilodeau and Afroditi Ladovrechis (both legal counsel/securities & subsidiaries/legal affairs) and assisted by McCarthy Tétrault LLP with a team that included Frédéric Cotnoir, Clemens Mayr, Stephanie Lee and Eleonore Derome (corporate and securities) and Marc Darmo and Marc-André Godard (tax).

The syndicate of underwriters, led by National Bank Financial Inc. and that included TD Securities Inc., RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., Scotia Capital Inc., Desjardins Securities Inc., HSBC Securities (Canada) Inc., Laurentian Bank Securities Inc., Wellington West Capital Markets Inc., Brookfield Financial Corp. and Raymond James Ltd., was represented by Torys LLP with a team that included Philip Mohtadi, Conni Gibson and Molly Reynolds (securities).