70 million preferred share offering TORONTO, Aug.
8, 2014 /CNW/ Equitable Group Inc. A total of 2,800,000 Non Cumulative 5 Year Rate Reset Preferred Shares, Series 3 of the Company (the "Series 3 Preferred Shares") were sold at a price of $25.00 per share. and Scotiabank. The offering raised gross proceeds of $70 million. The Company used the proceeds from the offering to acquire Non Cumulative 5 Year Rate Reset Preferred Shares, Series 3 (the "Bank Series 3 Preferred Shares") from its wholly owned subsidiary, Equitable Bank, which qualify as Tier 1 capital for Equitable Bank, with terms and conditions similar to the Series 3 Preferred Shares issued by Equitable Group. The Series 3 Preferred Shares yield 6.35% annually, payable quarterly, as and when declared by the Board of Directors of the Company for an initial period ending September 30, 2019. Thereafter, the dividend rate will reset every five years at a level of 4.78% over the then five year Government of Canada bond yield. Holders of Series 3 Preferred Shares will, subject to certain conditions, have the option ray bans sunglasses sale to convert their shares to Non Cumulative Floating Rate Preferred Shares, Series 4 (the "Series 4 Preferred Shares") on September 30, 2019 and on September 30 every five years thereafter. Holders of the Series 4 Preferred Shares will be entitled to a floating quarterly dividend rate equal to the 90 day Canadian Treasury Bill Rate plus 4.78%, as and when declared by the Board of Directors of the Company. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any State in which such ray ban rb3211 offer, solicitation or sale would be unlawful. Equitable Group Inc. is a growing Canadian financial services business that operates through its wholly owned subsidiary, Equitable Bank. Equitable Bank is a Schedule I Bank regulated by the Office of the Superintendent of Financial Institutions Canada with total assets of approximately $12 billion, with more than 300 employees and proven capabilities in lending and deposit taking. The Company's integrated operations are organized according to specialty. We serve retail and commercial customers across Canada with a range of savings solutions and mortgage lending products. Within Equitable Bank's Core Lending business, Single Family Lending Services funds mortgages for owner occupied and investment properties across Canada while Commercial Lending Services provides mortgages on a variety of commercial properties on a national basis. Equitable's Securitization Financing business originates and securitizes insured residential mortgages under the Canada Mortgage and Housing Corporation administered National Housing Act. ray ban glasses sale Measured by assets, Equitable Bank was the ninth largest independent Schedule I Bank in Canada at March 31, 2014. This press release contains "forward looking statements" within the meaning of applicable Canadian securities legislation. Generally, forward looking statements can be identified by the use of forward looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "planned", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may","could", "would", "might" or "will be taken", "occur" or "be achieved". Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward looking statements. The Company does not undertake to update any forward looking statements that are contained herein, except in accordance with applicable securities laws. This news release and the information contained herein does not constitute an offer of securities for best deals on ray bans sale in the United States and securities may not be offered or sold in the United States absent registration or exemption from registration.
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