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CWB announces closing of preferred share offering

Canadian Western Bank (TSX: CWB) today announced that it has closed its domestic public offering of non-cumulative 5-year rate reset First Preferred Shares Series 7 (Non-Viability Contingent Capital (NVCC)) (the “Series 7 Preferred Shares”). CWB issued 5,600,000 Series 7 Preferred Shares at a price of $25 per share to raise gross proceeds of $140 million. The offering was underwritten on a bought deal basis by a syndicate led by National Bank Financial Inc. Net proceeds from the offering will be added to CWB's capital base and used for general corporate purposes and are expected to qualify as Tier 1 capital for CWB.

The Series 7 Preferred Shares will commence trading on the Toronto Stock Exchange today under the ticker symbol CWB.PR.C. The offering of Series 7 Preferred Shares was completed by way of short form prospectus dated March 22, 2016, and filed in all provinces and territories of Canada.

The Series 7 Preferred Shares 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.

For further information, please contact: 


Kirby Hill, CFA
Vice President, Strategy & Communications
Canadian Western Bank
Phone: (780) 441-3770
E-mail: [email protected]
Matt Evans, CFA
AVP, Investor Relations
Canadian Western Bank
Phone: (780) 969-8337
E-mail: [email protected]