By Wendy Van Sickle
Columbus, Ohio, June 25 – Canadian Western Bank announced on Thursday it intends to issue C$125 million 4.84% series G non-viability contingent capital subordinated debentures due June 29, 2030, according to a company notice.
Interest is a 4.84% annual rate paid semiannually until June 29, 2025. After June 29, 2025, the rate changes to 90-day bankers’ acceptance rate plus 410.2 basis points, payable quarterly.
Canadian Western Bank may redeem the notes, in whole or in part, at par plus interest starting on June 29, 2025.
National Bank Financial Inc. was adviser to the placement.
Proceeds will be used to add to CWB’s general funds and for general banking purposes including future refinancing requirements.
The bank and financial services company is based in Edmonton, Alta.
| Issuer: | Canadian Western Bank
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| Issue: | Series G non-viability contingent capital subordinated debentures
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| Amount: | C$125 million
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| Maturity: | June 29, 2030
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| Bookrunner: | National Bank Financial Inc.
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| Interest: | 4.84% annual rate paid semiannually until June 29, 2025; after June 29, 2025 bankers’ acceptance rate plus 410.2 bps, payable quarterly
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| Call feature: | Starting on June 29, 2025, in whole or in part, at par plus interest
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| Pricing date: | June 25
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| Settlement date: | June 29
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| Distribution: | Canada
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