EDMONTON, April 15 /CNW/ - Canadian Western Bank (TSX: CWB) today
announced its intent to issue $250 million of Floating Rate Senior
Deposit Notes ("the Notes") to a group of institutional investors.
Proceeds of the issue will be added to the Bank's general funds and
will be utilized for general banking purposes.
The Notes will bear interest on a floating rate basis at 70 basis points
above the average three-month Bankers Acceptance rate at the settlement
date of April 26, 2011, and each quarterly coupon date thereafter. The
Notes will mature on April 26, 2013 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
"We are very pleased with the success of this placement as it will
represent CWB's first-ever issuance of Floating Rate Senior Deposit
Notes in the capital markets," said Larry Pollock, President and CEO of
CWB. "The closing of this deal will also further diversify our deposit
base and is an efficient source of funds to help support CWB's ongoing
growth and development."
RBC Capital Markets, Casgrain & Company Limited and Laurentian Bank
Securities Inc. acted as joint lead agents on the issue.
About Canadian Western Bank Group
Canadian Western Bank offers highly personalized service through 39
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 information.
SOURCE Canadian Western Bank
For further information:
Kirby Hill, CFA
Investor & Public Relations, External Communications
Canadian Western Bank
Phone: (780) 441-3770