Latest news with #LRCNs
Cision Canada
21-07-2025
- Business
- Cision Canada
Bank of Montreal Announces AT1 Limited Recourse Capital Notes Issue Français
TORONTO, July 21, 2025 /CNW/ - Bank of Montreal (TSX: BMO) (NYSE: BMO or the "Bank") today announced the pricing of USD 1.0 billion of non-viability contingent capital ("NVCC") Additional Tier 1 (AT1) Limited Recourse Capital Notes, Series 6 (the "LRCNs"). The LRCNs will bear interest at a rate of 6.875 per cent annually, payable quarterly, for the initial period ending, but excluding, November 26, 2030. Thereafter, the interest rate on the LRCNs will reset every five years at a rate equal to the prevailing 5-year U.S. Treasury Rate plus 2.976 per cent. The LRCNs will mature on November 26, 2085. The expected closing date of the offering is July 29, 2025. On or before the issuance of the LRCNs, the Bank will issue NVCC Non-Cumulative 5-Year Fixed Rate Reset Class B Preferred Shares, Series 55 ("Preferred Shares Series 55") to be held by Computershare Trust Company of Canada, as trustee for BMO LRCN Trust (the "Limited Recourse Trust"). In the case of non-payment of interest, principal or the redemption price on the LRCNs when due or an event of default, the recourse of each LRCN holder will be limited to that holder's proportionate share of the Limited Recourse Trust's assets, which will consist of Preferred Shares Series 55 except in limited circumstances. The LRCNs may be redeemed at the option of the Bank, with the prior written approval of the Superintendent of Financial Institutions (Canada), in whole or in part, on not less than 10 nor more than 60 days' prior notice, every quarter on the interest payment date, commencing on November 26, 2030. The net proceeds will be contributed to the general funds of the Bank and will be utilized for general banking purposes, which may include the redemption of outstanding capital securities of the Bank and/or repayment of other outstanding liabilities of the Bank, and are expected to qualify as Additional Tier 1 capital of the Bank for regulatory purposes. BMO Capital Markets Corp., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Barclays Capital Inc. and Mizuho Securities USA LLC are the joint book-running managers for the offering. A registration statement relating to the offering has been filed with the U.S. Securities and Exchange Commission (the "SEC") and is effective. The offering is being made only by means of a prospectus supplement and the accompanying prospectus that forms a part of the registration statement. Copies of the preliminary prospectus supplement and the accompanying prospectus for the offering may be obtained free of charge by visiting EDGAR on the SEC's website at Alternatively, copies of the final prospectus supplement, when available, and the accompanying prospectus may also be obtained by contacting BMO Capital Markets Corp. toll-free at 1-888-200-0266; Citigroup Global Markets Inc. toll-free at 1-800-831-9146; Goldman Sachs & Co. LLC toll-free at 1-866-471-2526; J.P. Morgan Securities LLC collect at 1-212-834-4533; Barclays Capital Inc. toll-free at 1-888-603-5847 and Mizuho Securities USA LLC toll-free at 1-866-271-7403. This press release does not constitute an offer to sell, or a solicitation of an offer to buy, these securities in the United States or in any other jurisdiction where such offer, solicitation or sale would be unlawful. The offering may be made only by means of a prospectus supplement and the accompanying prospectus. About BMO Financial Group BMO Financial Group is the seventh largest bank in North America by assets, with total assets of $1.4 trillion as of April 30, 2025. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society. SOURCE BMO Financial Group
Malaysian Reserve
09-07-2025
- Business
- Malaysian Reserve
CIBC to Issue 7.000% NVCC AT1 Limited Recourse Capital Notes
TORONTO, July 9, 2025 /CNW/ – CIBC (TSX: CM) (NYSE: CM) today announced the public offering in the United States of US$750 million of 7.000% Fixed Rate Reset Limited Recourse Capital Notes Series 7 (Non-Viability Contingent Capital (NVCC)) (Subordinated Indebtedness) (the 'LRCNs'). The LRCNs will bear interest at a rate of 7.000% annually, payable quarterly, for the initial period ending on, but excluding, October 28, 2030. Thereafter, the interest rate on the LRCNs will reset every five years at a rate equal to the prevailing 5-year U.S. Treasury Rate plus 3.000%. The LRCNs will mature on October 28, 2085. The expected closing date of the offering is July 14, 2025. In connection with the issuance of the LRCNs, CIBC will issue Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares Series 62 (Non-Viability Contingent Capital (NVCC)) (the 'Series 62 Shares') to be held by Computershare Trust Company of Canada as trustee of CIBC LRCN Limited Recourse Trust (the 'Limited Recourse Trust'). In case of non-payment of interest on or principal of the LRCNs when due, the recourse of each LRCN holder will be limited to that holder's proportionate share of the Limited Recourse Trust's assets held in respect of the LRCNs, which will consist of Series 62 Shares except in limited circumstances. CIBC may redeem the LRCNs on October 28, 2030 and on each January 28, April 28, July 28 and October 28 thereafter with the prior written approval of the Superintendent of Financial Institutions (Canada), in whole or in part on not less than 10 days' nor more than 60 days' prior notice. The net proceeds to CIBC from the sale of the LRCNs will be used for general corporate purposes, which may include the redemption of outstanding capital securities of CIBC, and/or the repayment of other outstanding liabilities of CIBC. The joint book-running managers for the offering are CIBC World Markets Corp., Barclays Capital Inc., BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC. A registration statement relating to the offering has been filed with the U.S. Securities and Exchange Commission (the 'SEC') and is effective. The offering is being made only by means of a prospectus supplement and a base prospectus. Copies of the prospectus supplement and the base prospectus for the offering may be obtained free of charge by visiting EDGAR on the SEC's website at Alternatively, the prospectus supplement and accompanying base prospectus may be obtained by calling CIBC World Markets Corp. toll-free at (800) 282-0822; Barclays Capital Inc. toll-free at (888) 603-5847; BofA Securities, Inc. toll-free at (800) 294-1322; Citigroup Global Markets Inc. toll-free at (800) 831-9146; or J.P. Morgan Securities LLC collect at (212) 834-4533. This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any of these securities, nor will there be any offer, solicitation or sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About CIBC CIBC is a leading North American financial institution with 14 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at
Cision Canada
09-07-2025
- Business
- Cision Canada
CIBC to Issue 7.000% NVCC AT1 Limited Recourse Capital Notes
TORONTO, July 9, 2025 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced the public offering in the United States of US$750 million of 7.000% Fixed Rate Reset Limited Recourse Capital Notes Series 7 (Non-Viability Contingent Capital (NVCC)) (Subordinated Indebtedness) (the "LRCNs"). The LRCNs will bear interest at a rate of 7.000% annually, payable quarterly, for the initial period ending on, but excluding, October 28, 2030. Thereafter, the interest rate on the LRCNs will reset every five years at a rate equal to the prevailing 5-year U.S. Treasury Rate plus 3.000%. The LRCNs will mature on October 28, 2085. The expected closing date of the offering is July 14, 2025. In connection with the issuance of the LRCNs, CIBC will issue Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares Series 62 (Non-Viability Contingent Capital (NVCC)) (the "Series 62 Shares") to be held by Computershare Trust Company of Canada as trustee of CIBC LRCN Limited Recourse Trust (the "Limited Recourse Trust"). In case of non-payment of interest on or principal of the LRCNs when due, the recourse of each LRCN holder will be limited to that holder's proportionate share of the Limited Recourse Trust's assets held in respect of the LRCNs, which will consist of Series 62 Shares except in limited circumstances. CIBC may redeem the LRCNs on October 28, 2030 and on each January 28, April 28, July 28 and October 28 thereafter with the prior written approval of the Superintendent of Financial Institutions (Canada), in whole or in part on not less than 10 days' nor more than 60 days' prior notice. The net proceeds to CIBC from the sale of the LRCNs will be used for general corporate purposes, which may include the redemption of outstanding capital securities of CIBC, and/or the repayment of other outstanding liabilities of CIBC. The joint book-running managers for the offering are CIBC World Markets Corp., Barclays Capital Inc., BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC. A registration statement relating to the offering has been filed with the U.S. Securities and Exchange Commission (the "SEC") and is effective. The offering is being made only by means of a prospectus supplement and a base prospectus. Copies of the prospectus supplement and the base prospectus for the offering may be obtained free of charge by visiting EDGAR on the SEC's website at Alternatively, the prospectus supplement and accompanying base prospectus may be obtained by calling CIBC World Markets Corp. toll-free at (800) 282-0822; Barclays Capital Inc. toll-free at (888) 603-5847; BofA Securities, Inc. toll-free at (800) 294-1322; Citigroup Global Markets Inc. toll-free at (800) 831-9146; or J.P. Morgan Securities LLC collect at (212) 834-4533. This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any of these securities, nor will there be any offer, solicitation or sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About CIBC CIBC is a leading North American financial institution with 14 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at
Cision Canada
04-06-2025
- Business
- Cision Canada
Royal Bank of Canada announces NVCC AT1 Limited Recourse Capital Notes issue Français
TORONTO, June 4, 2025 /CNW/ - Royal Bank of Canada (TSX: RY) and (NYSE RY) today announced the offering of US$1.25 billion of non-viability contingent capital (NVCC) Additional Tier 1 (AT1) Limited Recourse Capital Notes, Series 6 (the "LRCNs"). The securities offered are registered with the U.S. Securities and Exchange Commission (the "SEC"). The LRCNs will bear interest at a rate of 6.750 per cent annually, payable quarterly, for the initial period ending August 24, 2030. Thereafter, the interest rate on the LRCNs will reset every five years at a rate equal to the prevailing 5-year U.S. Treasury Rate plus 2.815 per cent. The LRCNs will mature on August 24, 2085. The expected closing date of the offering is June 11, 2025, subject to customary closing conditions. RBC Capital Markets, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and UBS Securities LLC are the joint book-running managers for the offering. Concurrently with the issuance of the LRCNs, the bank will issue NVCC Non-Cumulative 5-Year Fixed Rate Reset First Preferred Shares, Series BY ("Preferred Shares Series BY") to be held by Computershare Trust Company of Canada as trustee for Leo LRCN Limited Recourse Trust TM (the "Limited Recourse Trust"). In case of non-payment of interest on or principal of the LRCNs when due, the recourse of each LRCN holder will be limited to that holder's proportionate share of the Limited Recourse Trust's assets, which will consist of Preferred Shares Series BY except in limited circumstances. The bank may redeem the LRCNs on August 24, 2030 and on each February 24, May 24, August 24, and November 24 thereafter, only upon the redemption by the bank of the Preferred Shares Series BY held in the Limited Recourse Trust, in accordance with the terms of such shares and with the prior written approval of the Superintendent of Financial Institutions (Canada), in whole on not less than 10 nor more than 60 days' prior notice. Net proceeds from this transaction will be used for general business purposes. A registration statement relating to the offering has been filed with the SEC and is effective. The offering is being made only by means of a prospectus supplement and a base prospectus. Copies of the preliminary prospectus supplement and the base prospectus for the offering may be obtained free of charge by visiting EDGAR on the SEC's website at Alternatively, you may obtain copies of the final prospectus supplement, when available, and the base prospectus for this offering by contacting RBC Capital Markets, LLC, by calling (866)-375-6829, or by e-mailing [email protected]. This press release is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. For further information, please contact: Investor Contact: Asim Imran, Investor Relations, [email protected], 416-955-7804 Media contact: Gillian McArdle, Financial Communications, [email protected], 416-842-4231 SOURCE Royal Bank of Canada
