Client Work

Equitable Bank successfully completes $500 million Deposit Note Offering

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Overview

Client

BMO Nesbitt Burns and Scotia Capital

On September 24, 2024, Equitable Bank announced the successful completion of a $500 million fixed rate deposit note offering. The issuance was completed with BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., and TD Securities Inc. acting as joint leads and bookrunners, with National Bank Financial Inc. and Scotia Capital Inc. supporting as co-managers. 

Deposit notes were issued in  two tranches: a 2-year $200 million deposit note was offered at a 3.92% fixed rate and matures on September 24, 2026, and a 3.5-year $300 million deposit note was offered at a 3.99% fixed rate and matures on March 24, 2028.

Fasken advised the dealers with a team comprised of Richard J. Steinberg, Fatima Husnain, and Hannah Im (Articling Student).

 

Jurisdiction

  • Ontario

Team

  • Richard J. Steinberg, Partner | M&A, Mining, Toronto, ON, +1 416 865 5443, rsteinberg@fasken.com
  • Fatima Husnain, Associate | Corporate/Commercial, Toronto, ON, +1 416 865 5149, fhusnain@fasken.com
  • Hannah Im, Articling Student, Toronto, ON, +1 416 865 5439, him@fasken.com
Richard J. Steinberg, Partner | M&A, Mining Richard J. Steinberg Partner | M&A, Mining Toronto, ON +1 416 865 5443
Fatima Husnain Toronto Student Fatima Husnain Associate | Corporate/Commercial Toronto, ON +1 416 865 5149
Hannah Im Toronto Student Hannah Im Articling Student Toronto, ON +1 416 865 5439