/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES./
EDMONTON, AB, Jan. 15,
2024 /CNW/ - Canadian Western Bank ("CWB") (TSX: CWB)
today announced its intent to issue $250 million aggregate
principal amount of 5.949% Series I Subordinated Debentures due
January 29, 2034 (Non-Viability
Contingent Capital (NVCC)) (the "Debentures"). The Debentures
are to be sold through a syndicate of agents led by RBC Capital
Markets, Scotiabank and TD Securities. The expected closing date is
on or about January 29, 2024.
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.
On or after January 29, 2029, CWB
may, at its option, with the prior approval of the Superintendent
of Financial Institutions Canada, on giving not more than 60 nor
less than 30 days' notice to the registered holders of the
Debentures, redeem the Debentures, in whole or in part, on any date
at a redemption price equal to the outstanding principal amount
plus accrued and unpaid interest to but excluding the date fixed
for redemption.
Net proceeds from the offering will be added to CWB's general
funds and utilized for general corporate purposes. CWB intends to
file a prospectus supplement to its June 1,
2022 base shelf prospectus in all provinces and territories
of Canada in respect of this
issue.
The Debentures have not been and will not be registered under
the U.S. Securities Act of 1933, as amended, or under any state
securities laws, and may not be offered, sold, directly or
indirectly, or delivered within the
United States of America and its territories and possessions
or to, or for the account or benefit of, United States persons except in certain
transactions exempt from the registration requirements of such Act
and applicable state securities laws. This press release shall not
constitute an offer to sell or a solicitation of an offer to buy
securities in the United
States.
About CWB Financial
Group
CWB Financial Group (CWB) is the only full-service bank in
Canada with a strategic focus to
meet the unique financial needs of businesses and their owners. We
provide our nationwide clients with full-service business and
personal banking, specialized financing, comprehensive wealth
management offerings, and trust services. Clients choose CWB
for a differentiated level of service through specialized
expertise, customized solutions, and faster response times relative
to the competition. Our people take the time to understand our
clients and their business, and work as a united team to provide
holistic solutions and advice. 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) and "CWB.PR.D"
(Series 9 preferred shares). We are firmly committed to the
responsible creation of value for all our stakeholders and our
approach to sustainability will support our continued success.
Learn more at www.cwb.com.
Caution Regarding Forward-Looking
Statements
Certain information contained herein constitutes forward-looking
information under applicable securities laws. Forward-looking
statements in this news release include, but are not limited to,
statements with respect to the timing of completion and size of the
offering of the Debentures and the use of proceeds of the offering.
These statements are based on current expectations and are
inherently subject to significant risks, uncertainties and changes
in circumstances, many of which are beyond the control of CWB.
These risks include, but are not limited to, the failure or delay
in satisfying any of the conditions to the completion of the
offering. Except as required by law, CWB does not undertake to
update any forward-looking statements, whether written or oral,
that may be made from time to time, by it or on its behalf. The
forward-looking information contained in this press release is
presented for the purpose of interpreting the information contained
herein and may not be appropriate for other purposes.
SOURCE CWB Financial Group