Pacific & Western arranges $45 million in financing for London hospitals' redevelopment projects

    LONDON, ON, June 18 /CNW/ - David Taylor, President & C.E.O. of Pacific &
Western Credit Corp. (TSX:PWC), is pleased to announce that Pacific & Western
Credit Corp.'s wholly owned subsidiary, Pacific & Western Bank of Canada (the
"Bank"), has arranged $35 million in financing for the redevelopment of St.
Joseph's Health Care facility in London, Ontario. The Bank is also providing
$10 million in financing for the redevelopment of London Health Sciences
Centre, also in London, Ontario. The financing will support phase two of St.
Joseph's Health Care, London's 116,000 square foot ambulatory care
renovations, and will assist London Health Sciences in the completion of
465,000 square feet of space for new state-of-the-art facilities at Victoria
Hospital and 100,000 square feet of renovations to existing facilities. Both
projects will be constructed by EllisDon Corporation and will be financed
using the alternative financing and procurement model.
    "We are pleased to assist and provide financing for the redevelopment of
two of our home-town healthcare facilities. Investing in the communities in
which we live, operate and do business has always been a large part of the
Bank's mission and corporate culture", said David Taylor.

    Pacific & Western Bank of Canada, a Schedule 1 chartered bank, is a
branchless financial institution with $1.3 billion in assets. The Bank was
formed to provide innovative financing to large corporate and government
entities including hospitals, school boards, universities and colleges,
municipalities, and provincial and federal government agencies. With no retail
operations or store fronts, the Bank is one of the most efficiently operating
financial institutions in Canada. These overhead savings translate into very
competitive rates for our clients.
    Pacific & Western Bank of Canada is wholly owned by Pacific & Western
Credit Corp., whose shares trade on the TSX under the symbol PWC.

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    Carla McPhee at, (519) 675-4204

For further information:

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