As a result of strong investor demand, Bank of Nova Scotia has increased the size of its preferred share offering to $250 million, the bank said Thursday.

The size of domestic public offering of non-cumulative
6.25% 5-year rate reset preferred shares Series 26, has been increased to 10 million shares, and is expected to close on Jan. 21.

The offering was made through a syndicate of investment dealers led by Scotia Capital Inc. on a bought deal basis. The bank has granted to the underwriters an option to purchase up to an additional three million shares at closing, which option is exercisable by the underwriters any time up to 48 hours before closing.

“This domestic public offering is part of Scotiabank’s ongoing and proactive management of its Tier 1 capital structure,” the bank said.

IE