Canadian Western Bank closes $250 million issue of "Series E" subordinated
"NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
EDMONTON, Dec. 17, 2012 /CNW/ - Canadian Western Bank (TSX: CWB) ("CWB" or the
"Bank") today closed its previously announced issue of $250 million "Series E"
subordinated debentures (the "Debentures") via a private placement to
accredited investors. RBC Capital Markets and BMO Capital Markets acted as
joint bookrunners on the transaction.
The Debentures bear interest at a fixed rate of 3.463% per annum, payable in
equal semi-annual payments in arrears on June 17 and December 17 of each year,
commencing June 17, 2013 until December 17, 2019. Thereafter, the interest
rate will float to maturity at 3-month CDOR plus 1.60%, payable quarterly. The
Debentures are redeemable by the Bank at a redemption price equal to par, plus
accrued and unpaid interest, any time on or after December 17, 2019, subject
to the prior written consent of the Superintendent of Financial Institutions
The Debentures will add to CWB's already solid regulatory capital position and
will qualify for transition allowances permitted for Canadian banks under the
Basel III capital framework, effective January 1, 2013. Proceeds of the issue
will be added to the Bank's general funds.
The securities offered have not been registered under the U.S. Securities Act
of 1933, as amended, and may not be offered or sold in the United States
absent registration or an applicable exemption from the registration
requirements. This news release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the securities
in any State in which such offer, solicitation or sale would be unlawful.
About Canadian Western Bank Group
Canadian Western Bank offers a full range of business and personal banking
services across the four western provinces and is the largest Canadian owned
bank headquartered in Western Canada. The Bank, along with its operating
affiliates, National Leasing Group Inc., Canadian Western Trust Company,
Valiant Trust Company, Canadian Direct Insurance Incorporated, Adroit
Investment Management Ltd. and Canadian Western Financial Ltd., collectively
offer a diversified range of financial services across Canada and are together
known as Canadian Western Bank Group. The common shares of Canadian Western
Bank are listed on the Toronto Stock Exchange under the trading symbol "CWB."
Refer to www.cwbankgroup.com for additional information.
Tracey Ball, FCA, ICD.D Executive Vice President & CFO Canadian Western Bank
Phone: (780) 423-8888
Kirby Hill, CFA Director, Strategy and Communications Canadian Western
Bank Phone: (780) 441-3770 E-mail:email@example.com
SOURCE: Canadian Western Bank
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-0- Dec/17/2012 19:33 GMT
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