EQB Inc. announced the offering of $150 million 8.000% Limited Recourse Capital Notes, Series 1 in Canada. EQB Inc. is the 100% owner of Equitable Bank (the "Bank"), a Schedule 1 bank regulated by the Office of the Superintendent of Financial Institutions Canada. The LRCNs will bear interest at 8.000% annually, payable semi-annually, for the initial period ending on, but excluding, October 31, 2029.

Thereafter, the interest rate on the LRCNs will reset every five years at a rate equal to the prevailing 5-year Government of Canada Yield plus 4.548%. The LRCNs will mature on October 31, 2084. The expected closing date of the offering of the LRCNs is July 16, 2024.

LRCNs issued by EQB Inc. are not characterized as Non-Viability Contingent Capital (NVCC).