Canadian Western Bank completes NVCC subordinated debenture offering

On January 29, 2024, Canadian Western Bank (“CWB”) completed its previously announced public offering of C$250 million aggregate principal amount of 5.949% Series I subordinated debentures, due January 29, 2034 (Non-Viability Contingent Capital (NVCC)). Interest on the debentures will be payable semi-annually from the date of issue until January 29, 2029 at 5.949% per annum. From January 29, 2029 until maturity on January 29, 2034, the debentures will pay a quarterly coupon at a rate equal to Daily Compounded CORRA plus 2.73%, beginning on April 29, 2029.

The debentures were sold through a syndicate of agents led by RBC Capital Markets, Scotiabank and TD Securities.

Net proceeds from the offering will be added to CWB’s general funds and utilized for general corporate purposes.

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

CWB Financial Group is the only full-service bank in Canada with a strategic focus to meet the unique financial needs of businesses and their owners, providing full-service business and personal banking, specialized financing, comprehensive wealth management offerings, and trust services.