Pacific & Western Credit Corp. Announces Private Placement Offering



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

    LONDON, ON, Feb. 4 /CNW/ - Pacific & Western Credit Corp. (TSX:PWC) is
pleased to announce its plans to proceed with a private placement of up to $30
million of its Series C promissory notes ("Notes") that mature on October 16,
2018. The Notes pay interest at 9% per annum and will be issued in
denominations of $1,000 and integral multiples thereof. The purchase price of
the Notes will be a discount to face value to reflect current market yields.
    The offering is expected to have multiple closings.
    There may be broker fees and commissions payable, but such amounts have
not yet been determined.
    Net proceeds from the offering will be used to increase the regulatory
capital of PWC's wholly-owned subsidiary, Pacific & Western Bank of Canada,
and for working capital purposes of PWC.

    The securities offered have not been registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold in the
United States absent registration or an applicable exemption from the
registration requirements. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any sale of the
securities in any state in which such offer, solicitation or sale would be
unlawful.

    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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