CWB to redeem $250 million non-NVCC subordinated debentures
EDMONTON, Oct. 18, 2019 /CNW/ - Canadian Western Bank ("CWB") today announced its intention to redeem all $250 million of outstanding 3.463% Series E subordinated debentures (the "Debentures") on November 18, 2019 (the "Redemption Date"). The Debentures will be redeemed at the Canada Yield Price (as defined in the related trust indenture) of $1,000.99 for each $1,000 principal amount of Debentures, plus accrued interest to, but excluding, the Redemption Date, which corresponds to an aggregate amount of $253,900,253. Formal notice will be delivered to the Debenture holders in accordance with the terms and conditions set forth in the related trust indenture.
The redemption has been approved by the Office of the Superintendent of Financial Institutions and will be paid using CWB's general corporate funds. The Debentures do not qualify as non-viability contingent capital ("NVCC") under the Basel III regulatory capital requirements, and the redemption is part of CWB's ongoing management of its Tier 2 capital.
About CWB Financial Group
CWB Financial Group is a diversified financial services organization serving businesses and individuals across Canada. Operating from headquarters in Edmonton, Alberta, CWB's key business lines include full service business and personal banking offered through branch locations of Canadian Western Bank, including CWB Virtual Branch, and Internet banking services provided by Motive Financial. Highly responsive nation-wide specialized financing is delivered under the banners of CWB Optimum Mortgage, CWB Equipment Financing, CWB National Leasing, CWB Maxium Financial and CWB Franchise Finance. Trust services are offered through CWB Trust Services. Comprehensive wealth management offerings are provided through CWB Wealth Management, which includes the businesses of CWB McLean & Partners Wealth Management and Canadian Western Financial. As a public company on the Toronto Stock Exchange (TSX), CWB trades under the symbols "CWB" (common shares), "CWB.PR.B" (Series 5 Preferred Shares), "CWB.PR.C" (Series 7 Preferred Shares) and "CWB.PR.D" (Series 9 Preferred Shares). Learn more at www.cwb.com.
SOURCE Canadian Western Bank
Chris Williams, AVP, Investor Relations, CWB Financial Group, Phone: 780-508-8229, Email: [email protected]
Share this article