Canadian Western Bank completes C$125 million NVCC preferred share offering

On January 29, 2019, Canadian Western Bank ("CWB") announced the completion of its previously announced domestic public offering of non-cumulative 5-year rate reset first preferred shares, Series 9 (non-viability contingent capital (NVCC)).

As a result of strong investor demand, the underwriters exercised their option to purchase an additional 1,000,000 series 9 preferred shares. The size of the offering was increased to 5,000,000 shares (originally 4,000,000 shares). The gross proceeds of the offering were C$125 million. The offering was underwritten on a bought deal basis by a syndicate led by National Bank Financial Inc. and BMO Capital Markets.

Net proceeds from the offering will be added to CWB's general funds and utilized for general banking purposes. CWB filed a prospectus supplement to its January 4, 2019 base shelf prospectus in all provinces and territories of Canada in respect of this issue.

Operating from its headquarters in Edmonton, Alberta, Canadian Western Bank is a diversified financial services organization serving businesses and individuals across Canada.

Further information can be found at Globe Newswire's website.