Canadian Western Bank (“CWB”) (TSX: CWB) today confirmed that it will redeem all of its outstanding 5,600,000 Non-Cumulative 5-Year Rate Reset First Preferred Shares Series 7 (Non-Viability Contingent Capital (NVCC)) (the “Series 7 Preferred Shares”) for cash on July 31, 2021. The Series 7 Preferred Shares (TSX: CWB.PR.C) are redeemable at CWB’s option on July 31, 2021 at a redemption price per Series 7 Preferred Share equal to $25.00 for an aggregate total of $140 million. Formal notice will be delivered to holders of Series 7 Preferred Shares in accordance with the terms outlined in the share provisions for the Series 7 Preferred Shares.
Separately from the redemption price, the final quarterly dividend of $0.390625 per Series 7 Preferred Share will be paid in the usual manner on July 31, 2021 to shareholders of record on July 23, 2021. After the Series 7 Preferred Shares are redeemed, holders of Series 7 Preferred Shares will cease to be entitled to distributions of dividends and will not be entitled to exercise any rights as holders other than to receive the redemption price.
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 CWB’s intention to redeem the Series 7 Preferred Shares. 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. 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.
FOR FURTHER INFORMATION CONTACT:
AVP, Investor Relations
CWB Financial Group
Email: [email protected]