Pacific & Western Credit Corp. Announces Closing of Private Placement Offering



    
    /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
    UNITED STATES/
    

    LONDON, ON, Feb. 6 /CNW/ - Pacific & Western Credit Corp. (TSX:PWC) is
pleased to announce that it has completed a closing of its private placement
of $14,333,000 Series C promissory notes ("Notes") today. Net proceeds from
this closing are $12,367,712. The total number of Notes outstanding is
$63,920,000. The Notes pay interest at 9% per annum and mature on October 16,
2018.
    Net proceeds from the offering will be used to increase the regulatory
capital of Pacific & Western Credit Corp's wholly-owned subsidiary, Pacific &
Western Bank of Canada, and for working capital purposes in Pacific & Western
Credit Corp.

    
    Pacific & Western Credit Corp.'s shares trade on the TSX under the
    symbol PWC.

    To receive company news releases, please contact:
    Carla McPhee at carlam@pwbank.com, (519) 675-4204
    





For further information:

For further information: Investor Relations: (800) 244-1509,
InvestorRelations@pwbank.com; Public Relations & Media: Tel Matrundola,
Vice-President, (416) 203-0882, telm@pwbank.com; Visit our website at:
http://www.pwbank.com

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Pacific & Western Credit Corp.

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