National Bank of Canada announced on Thursday that NBC Capital Trust has filed a final prospectus with the securities commissions of all provinces of Canada with respect to a $225 million offering of Trust Capital Securities – Series 1.

These securities will carry a fixed annual yield of 5.329%, payable semi-annually on a non-cumulative basis until June 30, 2016 and, thereafter, will carry a yield determined on the basis of the bankers’ acceptance rate plus 1.5%. The offering is expected to close on June 15.

Subject to receipt of final approval from the regulatory authorities, the NBC CapS – Series 1 will constitute Tier 1 capital of National Bank. This source of financing will also allow National Bank to optimize its capital structure. The NBC CapS – Series 1 will be offered by a syndicate of underwriters composed of National Bank Financial Inc., acting as lead underwriter, and CIBC World Markets Inc., HSBC Securities (Canada) Inc., Merrill Lynch Canada Inc., BMO Nesbitt Burns Inc., RBC Capital Markets, Scotia Capital Inc., TD Securities Inc., J.P. Morgan Securities Canada Inc. and Laurentian Bank Securities Inc.