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