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Scotiabank offering C$1.8B in subordinated debt

Toronto-based Bank of Nova Scotia is offering C$1.75 billion of subordinated debt pursuant to its prospectus filed in July 2018.

The debentures are expected to be issued Jan. 18. Interest is set at 3.89% per year and will be payable semiannually from the date of issuance until Jan. 18, 2024.

From Jan. 18, 2024, until the maturity date of Jan. 18, 2029, the debentures will pay a quarterly coupon set at 90-day bankers' acceptance rate plus 1.58%. The quarterly coupon payments will start April 18, 2024.

On or after Jan. 18, 2024, Scotiabank may redeem the debentures either in whole at any time or in part from time to time with no less than 30 or more than 60 days' prior notice. The debentures will be redeemed at par plus accrued and unpaid interest.

Net proceeds from this transaction will be used for general banking purposes.

An agency syndicate led by Scotiabank Global Banking & Markets will sell the debentures.