By Kenneth Lim
Boston, May 1 - Pacific & Western Bank of Canada placed C$10 million of 10-year subordinated notes at a coupon of 11% through a private transaction on April 30, according to a press release.
Scotia Capital Inc. was the financial adviser.
Proceeds will be used to raise Pacific & Western Bank's regulatory capital. The company said its total capital ratio is now above 12.5%.
London, Ont.-based Pacific & Western Bank, a wholly owned subsidiary of Pacific & Western Credit Corp., is a branchless bank that specializes in financing relatively low-risk markets.
"While these difficult economic times are proving challenging for our industry, this boost to our regulatory capital will allow us to take advantage of unique lending opportunities available to our specialized niche bank," Pacific & Western Bank president and chief executive David Taylor said in a statement.
| Issuer: | Pacific & Western Bank of Canada
|
| Issue: | Subordinated notes
|
| Amount: | C$10 million
|
| Maturity: | 10 years
|
| Financial adviser: | Scotia Capital Inc.
|
| Coupon: | 11%
|
| Distribution: | Private placement
|
| Pricing date: | April 30
|
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