Equitable Bank Successfully Completes Reopening of $ 150 Million Deposit Notes Due September 2023

TORONTO, June 25, 2021 / CNW / – Equitable Bank (the “Bank” or “Equitable”), a wholly owned subsidiary of Equitable Group Inc. (the “Company”) (TSX: EQB and TSX: EQB.PR.C) announced today hui the successful closing of an offer of a supplement $ 150 million principal amount of 1.774% Fixed Rate Deposit Notes (the “Deposit Notes”) due September 21, 2023, which was added to $ 200 million principal amount of the same series of Deposit Notes issued on September 16, 2020, for a total series principal amount of $ 350 million outstanding.

Equitable Bank Successfully Completes Reopening of $ 150 Million Deposit Notes Due September 2023 (CNW Group / Equitable Bank)

the $ 150 million reopening at a price of 90 basis points on the interpolated government of Canada and represents the tightest ever for the Bank with a reopening yield of 1.384%. The offering was supported by a large investor base, including several new investors, and was oversubscribed approximately four times. This strong demand reflects the strong credit performance of the Bank. Equitable’s program now prides itself $ 1.05 billion of Deposit Notes in circulation.

“We continued to express the importance of expanding our deposit note program and implementing our strategy of diversifying our sources of funding. This issue builds on the tremendous success we have enjoyed to date. “, said Chadwick westlake, Chief Financial Officer of Equitable Bank. “Today’s announcement is further confirmation that in our quest to enrich the lives of Canadians, we are relentlessly focused on strengthening our core business to enable us to deliver greater value. and smarter banking solutions for our customers.

The issue was completed with Scotia Capital, BMO Nesbitt Burns and CIBC World Markets acting as lead managers and joint bookkeepers, supported by National Bank Financial, RBC Dominion Securities and TD Securities acting as co-managers. . The Deposit Notes rank equally and proportionately with all current and future unsecured and unsubordinated liabilities of the Bank. The Deposit Notes are not eligible for insurance by the Canada Deposit Insurance Corporation.

About Equitable Group Inc.

Equitable Group Inc. (Equitable or the Bank), is listed on the Toronto Stock Exchange (TSX: EQB) and (TSX: EQB.PR.C) and serves more than a quarter of a million Canadians through the Equitable Bank, from Canada Bank Challenger ™. Equitable Bank has become the eighth largest independent Schedule I bank in the country, with a clear mandate to make real change in the Canadian banking industry to enrich people’s lives. Founded over 50 years ago, Equitable Bank offers diversified personal and commercial banking services and, through its EQ Bank platform (eqbank.ca), is a recognized innovator in digital services. Please visit fairbank.ca for more details.


Statements made by the Company in sections of this press release, in other documents filed with Canadian securities regulators and in other communications include forward-looking statements within the meaning of applicable securities laws (“statements prospective ”). These statements include, without limitation, statements regarding the Company’s objectives, strategies and initiatives, expectations for financial results and risk management, statements regarding or containing possible future issues of Notes. deposit of the Bank, statements made by our President and Chief Executive Officer, our CFO and any other statement made herein, whether relating to the business of the Company or the Canadian economy. Generally, forward-looking statements can be identified by the use of forward-looking terms such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “expected” , “Planned”, “considers”, “plans”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of these words and expressions which indicate that certain actions , events or results “could”, “could”, “would”, “could” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, closing of transactions, performance or achievements of the Company to be materially. different from those expressed or implied by these forward-looking statements. forward-looking statements, including, but not limited to, risks relating to capital markets and additional funding requirements, fluctuating interest rates and general economic conditions, legislative and regulatory developments, the nature of our clients and default rates, and the competition as well as the factors discussed under the heading “Risk Management” in the MD&A and in the Company’s documents filed on SEDAR at www.sedar.com. All material assumptions used in making forward-looking statements are based on management’s knowledge of current business conditions and expectations of future business conditions and trends, including knowledge of current credit, interest rate and liquidity conditions. affecting society and the Canadian economy. Although the Company believes that the assumptions used to make such statements are reasonable at this time and that it has attempted to identify in its continuous disclosure documents significant factors that could cause actual results to differ substantially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or anticipated. Certain material assumptions are applied by the Company in making forward-looking statements, including, without limitation, assumptions regarding its continued ability to fund its mortgage business at current levels, a continuation of the current level of economic uncertainty that affects real estate market conditions, following the acceptance of its products in the market, as well as no material changes in its operating cost structure and the current tax regime. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Therefore, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements contained in this document, except in accordance with applicable securities laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in any province, state or jurisdiction in which such an offer or solicitation would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction.

The Deposit Note has not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities law and may not be offered or delivered, directly or indirectly, or sold in United States in the absence of an applicable exemption from the registration requirements. This press release does not constitute an offer to sell or a solicitation to buy and there will be no sale of securities in any state in which such an offer, solicitation or sale would be illegal.

Equitable Bank SOURCE



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