Notes upon a Trigger Event. See Description of Common Shares and Preferred Shares in the accompanying prospectus of the Bank dated December 29, 2021 (the
Prospectus).
The Bank may, at its option, with the prior written approval of the Superintendent of Financial
Institutions (Canada) (the Superintendent), redeem the Notes, (i) in whole or in part, on January 27, 2029 and each Interest Payment Date (as defined herein) thereafter (the Optional Redemption),
(ii) in whole but not in part, at any time following a Regulatory Event Date (as defined herein) and (iii) in whole but not in part, at any time following the occurrence of a Tax Event (as defined herein), in each case, at the Redemption
Price (as defined herein). Upon any redemption by the Bank of the AT1 Notes held in the Limited Recourse Trust in accordance with their terms on any date other than the Maturity Date (such redemption will be subject to the prior written approval of
the Superintendent), outstanding Notes with an aggregate principal amount equal to the aggregate principal amount of AT1 Notes redeemed by the Bank shall automatically and immediately be redeemed, for a cash amount equal to the Redemption Price (as
defined herein) thereof, without any action on the part of, or the consent of, the Indenture Trustees or the Noteholders. See Description of the Notes Redemption.
The AT1 Notes are redeemable as described under Description of the AT1 NotesRedemption.
In order to qualify as Additional Tier 1 capital of the Bank within the meaning of the regulatory capital adequacy requirements to which
the Bank is subject, the Notes and the AT1 Notes must meet certain requirements. These requirements include, among other things, that (i) the Notes and the AT1 Notes have a minimum par or stated value of US$1,000, (ii) the Notes and the
AT1 Notes must be traded on institutional desks and therefore may not be listed on any exchange, (iii) the Notes may only be issued to institutional investors in the primary distribution, and (iv) the Notes may only be issued in minimum
denominations of at least US$200,000 and integral multiples of US$1,000 in excess thereof.
It is not currently anticipated that the Notes
or the AT1 Notes will be listed on any stock exchange or quotation system and, consequently, there is no market through which the Notes or the AT1 Notes may be sold and purchasers may not be able to resell the Notes purchased under this Prospectus
Supplement or the AT1 Notes received pursuant to a distribution of the Corresponding Trust Assets. Our Common Shares are listed on the New York Stock Exchange (NYSE) and the Toronto Stock Exchange (TSX) under
the trading symbol BNS. On January 3, 2024, the last reported sale price of our Common Shares was US$46.96 per share on the NYSE and $62.72 per share on the TSX.
Investing in the Notes (and the AT1 Notes upon certain Recourse Events and Common Shares following a Recourse Event that is a Trigger
Event) involves risks. See Risk Factors beginning on page S-21 of this Prospectus Supplement and page 7 of the accompanying Prospectus.
Prospective investors should be aware that the acquisition of the Notes and the AT1 Notes described herein may have tax consequences both
in the United States and in Canada. Such consequences for investors who are resident in, or citizens of, the United States may not be described fully herein.
The enforcement by investors of civil liabilities under the United States federal securities laws may be affected adversely by the fact
that the Bank is a Canadian bank, that many of its officers and directors, and some of the experts named in this Prospectus Supplement, may be residents of Canada and that all or a substantial portion of the assets of the Bank and such persons may
be located outside the United States.
Neither the U.S. Securities and Exchange Commission (the
SEC) nor any state securities commission has approved or disapproved of the Notes, the AT1 Notes or the Common Shares, or determined if this Prospectus Supplement or the accompanying Prospectus is truthful or
complete. Any representation to the contrary is a criminal offense.
|
|
|
|
|
|
|
|
|
|
|
Per Note |
|
|
Total |
|
Price to public(1) |
|
|
100.000 |
% |
|
US$ |
750,000,000 |
|
Underwriters fees |
|
|
1.000 |
% |
|
US$ |
7,500,000 |
|
Net proceeds, before expenses, to the
Bank(1) |
|
|
99.000 |
% |
|
US$ |
742,500,000 |
|
(1) |
Plus accrued interest, if any, from January 12, 2024 to the date of delivery. |
Neither the Notes nor the AT1 Notes will constitute deposits that are insured under the Canada Deposit Insurance Corporation Act
(Canada) or by the United States Federal Deposit Insurance Corporation. Neither the Notes nor the AT1 Notes will be subject to Bail-In Conversion (as defined herein).
The head office of the Bank is located at 1709 Hollis Street, Halifax, Nova Scotia, B3J 3B7 and its executive offices are at
40 Temperance Street, Toronto, Ontario, M5H 0B4.
The Notes will be ready for delivery through the book-entry facilities of The
Depository Trust Company and its direct and indirect participants, including Euroclear Bank SA/NV and Clearstream Banking S.A., on or about January 12, 2024.
Joint Bookrunner, Structuring Agent & Global Coordinator
Scotiabank
Joint
Bookrunners
|
|
|
|
|
Citigroup |
|
|
|
Goldman Sachs & Co. LLC |
Co-Managers
|
|
|
|
|
Blaylock Van, LLC |
|
Drexel Hamilton |
|
Siebert Williams Shank |
January 4, 2024