EDMONTON, Nov. 4, 2011 /CNW/ - Canadian Western Bank (the "Bank")(TSX:
CWB) today announced the completion of a $150 million issuance of
Senior Deposit Notes ("the Notes") in the debt capital markets to a
broad group of investors. Proceeds of the issue were added to the
Bank's general funds and will be utilized for general banking purposes.
The Notes bear interest on a fixed rate basis at 2.57%, paid
semi-annually, representing a spread of 131.5 basis points above the
benchmark Government of Canada instrument. The Notes will mature on
November 4, 2014 and will not be redeemable prior to the maturity date.
The current rating assigned by DBRS Limited on Canadian Western Bank's
deposits and senior debt is "A (low)" with a stable trend.
"We were very pleased with the success of this placement, which
represented our second issuance of senior debt this year," said Tracey
Ball, the Bank's Executive Vice President and Chief Financial Officer.
"Selectively utilizing the debt capital markets is part of our strategy
to further diversify the Bank's funding base over time. It was great to
see the strong level of interest expressed by the group of accredited
investors who chose to participate in this offering."
RBC Capital Markets and National Bank Financial acted as co-lead agents
on the issue.
About Canadian Western Bank Group
Canadian Western Bank offers highly personalized service through 40
branch locations and is the largest publicly traded Canadian bank
headquartered in Western Canada. The Bank specializes in mid-market
commercial lending and offers a full complement of personal banking
services. 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
SOURCE Canadian Western Bank
For further information:
Kirby Hill, CFA
Director, Investor & Public Relations, External Communications
Canadian Western Bank
Phone: (780) 441-3770