Pacific & Western to repay Series A Promissory Notes

LONDON, ON, April 15 /CNW/ - Pacific & Western Credit Corp. (TSX:PWC) will repay all principal and accrued interest on its Series A Promissory Notes (PWC.NT.C) at maturity on April 19, 2010.

There is currently $2,612,000 of Series A Notes outstanding, which have been paying interest at a rate of 9.25% per annum since their issuance in April, 2000. David Taylor, President & C.E.O. of Pacific & Western stated that, "The upcoming maturity of our Series A Notes fits well with our intention to replace higher priced debt with Class "B" Preferred Shares, which have a lower cost to Pacific & Western and will allow the Class "B" shareholders to share in a higher potential upside."

Pacific & Western Credit Corp.'s Class "B" Preferred Shares trade on the TSX under the symbol PWC.PR.B.

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

Investor Relations: Wade MacBain, Director, (800) 244-1509, wadem@pwbank.com; Public Relations & Media: Tel Matrundola, Vice-President, (866) 787-9936, telm@pwbank.com

To receive company news releases, please contact:

Carla McPhee at carlam@pwbank.com, (519) 675-4204

SOURCE Pacific & Western Credit Corp.

For further information: For further information: Visit our website at: http://www.pwbank.com

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Pacific & Western Credit Corp.

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