TORONTO, March 27, 2015 /CNW/ - Equitable Bank, a wholly owned subsidiary of Equitable Group Inc. (the "Company") (TSX: EQB and EQB.PR.C) today announced the successful institutional placement of a $85 million 18-month floating rate Deposit Note.
"Today's offering is consistent with our strategy of maintaining a diversified funding profile by offering products that are attractive to consumers, investors and our Bank," said Tim Wilson, Vice-President and Chief Financial Officer of the Company and Equitable Bank. "This funding builds on our inaugural Deposit Note offering last April, and in combination with our strong and growing $7 billion savings business, supports the ongoing expansion of our asset base."
The Deposit Note was priced at 125 basis points over 3- month CDOR and ranks equally and rateably with all present and future unsecured and unsubordinated liabilities of Equitable Bank.
The issuance was completed with CIBC World Markets and RBC Capital Markets acting as co-leads and bookrunners, supported by the Bank of Montreal, Scotiabank, and TD Securities as co-managers.
ABOUT EQUITABLE GROUP INC.
Equitable Group Inc. serves consumers and their advisors through Equitable Bank, a diversified financial institution that operates coast to coast. Equitable Bank provides residential (prime and alternative) single family lending services, commercial lending services and a variety of savings solutions including high-interest savings products and GICs for individual Canadians. Since its founding in 1970, Equitable has grown to become Canada's ninth largest independent Schedule I Bank and a recognized service leader through its proven branchless banking approach. For more information, visit the Company's website at www.equitablebank.ca and click on Investor Relations.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Statements made by the Company in this news release include forward-looking statements within the meaning of applicable securities laws ("forward-looking statements"). These statements include, but are not limited to, statements about the Company's objectives, strategies and initiatives, financial result expectations and other statements made herein. Although the Company believes the assumptions used to make such statements are reasonable at this time and has attempted to identify in its continuous disclosure documents important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws. Please see the Company's 2014 MD&A found at www.equitablebank.ca or at www.sedar.com for additional information.
SOURCE Equitable Group Inc.
For further information: Andrew Moor, President and Chief Executive Officer, 416-515-7000; Tim Wilson, Vice President and Chief Financial Officer, 416-515-7000