/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES/
MONTREAL, May 16, 2024
/CNW/ - Further to its April 18, 2024 announcement, Laurentian
Bank of Canada (TSX: LB) (the
"Bank") today announced the applicable dividend rates for its
Non-Cumulative Class A Preferred Shares, Series 13 (the
"Preferred Shares Series 13") and Non-Cumulative Class A
Preferred Shares, Series 14 (the "Preferred Shares
Series 14").
With respect to any Preferred Shares Series 13 that remain
outstanding after June 17, 2024, being the first business day
following the Saturday, June 15, 2024 conversion date
identified in the prospectus supplement dated March 27, 2014
relating to the issuance of the Preferred Shares Series 13,
holders thereof will be entitled to receive fixed rate
non-cumulative preferential cash dividends on a quarterly basis, as
and when declared by the Board of Directors of the Bank and subject
to the provisions of the Bank Act (Canada). The dividend rate for the five-year
period commencing on June 15, 2024, and ending on
June 14, 2029, will be 6.196% per annum, being equal to
the sum of the five-year Government of Canada bond yield as at May 16, 2024,
plus 2.55%, as determined in accordance with the terms of the
Preferred Shares Series 13.
With respect to any Preferred Shares Series 14 that may be
issued on June 17, 2024, holders thereof will be entitled to
receive floating rate non-cumulative preferential cash dividends on
a quarterly basis, calculated on the basis of the actual number of
days elapsed in each quarterly floating rate period divided
by 365, as and when declared by the Board of Directors of the
Bank and subject to the provisions of the Bank Act
(Canada). The dividend rate for
the three-month period commencing on June 15, 2024, and ending
on September 14, 2024, will be 7.473% on an annualized basis,
being equal to the sum of the three-month Government of Canada
Treasury bill yield as at May 16, 2024, plus 2.55%, as
determined in accordance with the terms of the Preferred Shares
Series 14.
Beneficial owners of Preferred Shares Series 13 who wish to
exercise their right of conversion should instruct their broker or
other nominee to exercise such right before 5:00 p.m.
(Montreal time) on May 31,
2024. Conversion inquiries should be directed to the Bank's
Registrar and Transfer Agent, Computershare Investor Services Inc.,
at 1 800 564-6253.
The Toronto Stock Exchange ("TSX") has conditionally approved
the listing of the Preferred Shares Series 14 effective upon
conversion. Listing of the Preferred Shares Series 14 subject
to the Bank fulfilling all the listing requirements of the TSX and,
upon approval, the Preferred Shares Series 14 will be listed
on the TSX under the trading symbol "LB.PR.I".
The Preferred Shares Series 13 and the Preferred Shares
Series 14 have not been and will not be registered in
the United States under the United
States Securities Act of 1933, as amended (the "Securities Act"),
or the securities laws of any state of the United States and may not be offered, sold
or delivered, directly or indirectly in the United States or to, or for the account or
benefit of, a "U.S. person" (as defined in Regulation S under the
Securities Act) absent registration or an applicable exemption from
such registration requirements. This press release does not
constitute an offer to sell or a solicitation to buy securities in
the United States and any public
offering of the securities in the United
States must be made by means of a prospectus.
About Laurentian
Bank
At Laurentian Bank, we believe we can change banking for the
better. By seeing beyond numbers.
Founded in Montréal in 1846, Laurentian Bank helps families,
businesses and communities thrive. Today, we have approximately
3,000 employees working together as one team, to provide a broad
range of financial services and advice-based solutions for
customers across Canada and
the United States.
We protect, manage and grow $48.1
billion in balance sheet assets and $26.5 billion in assets under administration. We
drive results by placing our customers first, making the better
choice, acting courageously, and believing everyone belongs.
SOURCE Laurentian Bank of Canada