EDMONTON, Alberta – 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.
FOR FURTHER INFORMATION CONTACT:
Chris Williams
AVP, Investor Relations
CWB Financial Group
Phone: 780-508-8229
Email: [email protected]
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.
FOR FURTHER INFORMATION CONTACT:
Chris Williams
AVP, Investor Relations
CWB Financial Group
Phone: 780-508-8229
Email: [email protected]