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Canadian Western Bank to convert all C$42.5 million 5.50% debentures
Pittsburgh, Nov. 5 - Canadian Western Bank will convert all its C$42.5 million outstanding 5.50% convertible subordinated debentures to 1.39 million of the bank's common shares at a conversion price of C$30.50, according to a company news release.
The conversion will be completed by Dec. 13.
"The main purpose of the conversion is to increase the number of CWB shares available in response to market demand," president and chief executive officer Larry Pollock said in the release.
"The conversion also results in cash savings, builds the bank's common equity and has a positive incremental affect on net income."
Canadian Western Bank is based in Edmonton, Alberta.
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