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LONDON, ON, May 1 /CNW/ - Pacific & Western Credit Corp. (TSX:PWC) is
pleased to announce that on April 30, 2009 its wholly owned subsidiary,
Pacific & Western Bank of Canada ("PWBank"), completed a private placement
closing of $10,000,000 of ten year term subordinated notes ("Notes"). The
Notes have a coupon of 11% per annum. Net proceeds from the issuance of the
Notes are being used to increase PWBank's regulatory capital. PWBank estimates
that its Total Capital ratio is now over 12.5%.
David Taylor, President & C.E.O. of PWBank said, "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."
Scotia Capital Inc. acted as the financial advisor to PWC.
PWBank, a Schedule I chartered bank, is a branchless financial
institution with approximately $1.5 billion in assets and over $1 billion in
lending assets. PWBank specializes in providing financing to relatively low
risk markets that include government entities including hospitals, school
boards, universities and colleges, municipalities, provincial and federal
government agencies, and insured residential mortgages.
Pacific & Western Credit Corp.'s shares trade on the TSX under the symbol
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