Laurentian Bank Completes Basel III-Compliant Preferred Shares Offering

Laurentian Bank of Canada completed a public offering of 5 million Basel III-compliant Non-Cumulative Class A Preferred Shares, Series 13 for gross proceeds of $125 million on a bought-deal basis at an offering price of $25 per share.

The offering was made pursuant to a short form base shelf prospectus of the Bank dated Oct. 10, 2012, and a prospectus supplement of the Bank dated March 27, 2014, which were filed with the securities regulatory authorities in all provinces of Canada.

The offering was underwritten by a syndicate led by RBC Dominion Securities Inc., BMO Capital Markets, and Laurentian Bank Securities Inc., and also composed of CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Desjardins Securities Inc., Canaccord Genuity Inc., and Cormark Securities Inc.

Laurentian Bank of Canada was represented in-house by Jean Daigle, Vice-President, Legal Affairs, regulatory risk management and Corporate Secretary's office; and Natalie Brown, Senior Legal Counsel; and was assisted by Norton Rose Fulbright Canada LLP with a team including Solomon Sananes, Catherine De Laboursodière and David Crandall (corporate and securities) and Derek Chiasson (tax).

Jean-Pierre Chamberland and Monica Dingle (corporate/securities) of Fasken Martineau DuMoulin LLP acted for the underwriters.