Canadian Western Bank completes limited recourse capital notes issuance

On March 25, 2021, Canadian Western Bank (“CWB”) announced its completed public offering of C$150 million of 5.00% limited recourse capital notes, Series 2. The notes were sold through a syndicate of agents co-led by RBC Capital Markets and BMO Capital Markets. Net proceeds from the offering will be added to CWB's general funds and utilized for general banking purposes.

Concurrently with the issuance of the notes, CWB also issued non-cumulative 5-Year fixed rate reset first preferred shares, Series 12 (Non-Viability Contingent Capital (NVCC)) to be held by Computershare Trust Company of Canada as trustee of the CWB LRCN Limited Recourse Trust. In case of non-payment of interest on or principal of the notes when due, the recourse of each noteholder will be limited to that holder's proportionate share of the limited recourse trust's assets in respect of the notes, which will consist of Series 12 Shares except in limited circumstances.

Further information can be found on Canada Newswire’s website.

Canadian Western Bank is a diversified financial services organization known for a highly proactive client experience serving businesses and individuals across Canada.