Canadian Western Bank closes preferred share offering

Torys acted as counsel to Canadian Western Bank with a team that included David Seville, David Leith, Simonne Horwitz and Lynn Khazzam (corporate/securities), Blair Keefe (financial institutions), Jerald Wortsman and Catrina Card (tax).

On March 31, 2016, Canadian Western Bank (CWB) announced that it closed its domestic public offering of non-cumulative 5-year rate reset First Preferred Shares Series 7 (Non-Viability Contingent Capital (NVCC)) (the Series 7 Preferred Shares). CWB issued 5,600,000 Series 7 Preferred Shares at a price of C$25 per share to raise gross proceeds of C$140 million.

The offering was underwritten on a bought deal basis by a syndicate led by National Bank Financial Inc.

Net proceeds from the offering will be added to CWB's capital base and used for general corporate purposes.

CWB Group is a diversified financial services organization serving businesses and individuals across Canada. Operating from its headquarters in Edmonton, Alberta, CWB's key business lines include full-service business and personal banking offered through 42 branches of Canadian Western Bank and Internet banking services provided by Canadian Direct Financial (CDF).

Further information can be found on Marketwired's website.