Scotiabank Announces Completion of Preferred Share Offering and Exercise of Over-allotment Option


    TORONTO, March 26 /CNW/ - Scotiabank today announced that it has
completed the domestic offering of 12 million, non-cumulative 5-year rate
reset preferred shares Series 18 (the "Preferred Shares Series 18") at a price
of $25.00 per share on March 25, 2008.
    The syndicate of investment dealers led by Scotia Capital Inc. have also
fully exercised the over-allotment option to purchase an additional
1.8 million of Preferred Shares Series 18 at a price of $25.00 per share. It
is expected that the closing for the additional 1.8 million shares will occur
on March 27, 2008. After the closing of the additional shares, when combined
with the existing 12 million shares, there will be a total of 13.8 million of
the Preferred Shares Series 18 trading on the Toronto Stock Exchange under the
symbol BNS.PR.P. The gross proceeds of the offering were $345 million.
    Holders of Preferred Shares Series 18 will be entitled to receive a
non-cumulative quarterly fixed dividend for the initial five-year period
ending April 25, 2013 of 5.00% per annum, as and when declared by the Board of
Directors of Scotiabank. Thereafter, the dividend rate will reset every five
years at a level of 205 basis points over the 5-year Canada bond yield.
Shareholders will, subject to certain conditions, have the option to convert
all or any part of their shares to non-cumulative floating rate preferred
shares Series 19 (the "Preferred Shares Series 19") of Scotiabank. Holders of
the Preferred Shares Series 19 will be entitled to receive a non-cumulative
quarterly floating dividend equal to the 3-month Government of Canada Treasury
Bill yield plus 205 basis points, as and when declared by the Board of
Directors of Scotiabank.
    The Preferred Shares Series 18 and Preferred Shares Series 19 have not
been and will not be registered under the United States Securities Act of
1933, as amended, or under any state securities laws, and may not be offered,
sold, directly or indirectly, or delivered within the United States of America
and its territories and possessions or to, or for the account or benefit of,
United States persons except in certain transactions exempt from the
registration requirements of such Act. This release does not constitute an
offer to sell or a solicitation to buy such securities in the United States.

    Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 60,000 employees, Scotiabank
Group and its affiliates serve approximately 12.5 million customers in some
50 countries around the world. Scotiabank offers a diverse range of products
and services including personal, commercial, corporate and investment banking.
With $449 billion in assets (as at January 31, 2008), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS). For more information please visit

    %SEDAR: 00001289EF

For further information:

For further information: Michael Lomas, Managing Director, Capital and
Mid-Term Funding, Scotiabank, (416) 866-5734, or

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