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Scotiabank to redeem all outstanding subordinated debentures due October 2024

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Scotiabank to redeem all outstanding subordinated debentures due October 2024

The Bank of Nova Scotia plans to redeem all of its outstanding 3.036% subordinated debentures due Oct. 18, 2024, at 100% of the principal amount plus accrued interest to the redemption date.

The company plans to redeem the debt on Oct. 18 out of its general funds.

Part of the bank's ongoing management of its Tier 2 capital, the redemption was approved by the Office of the Superintendent of Financial Institutions.

The company will notify the debenture holders in accordance with the terms and conditions of the trust indenture.