Canadian Western Bank Completes Private Placement of Debentures

Canadian Western Bank closed a $35 million private placement of subordinated debentures on October 24, 2003. The debentures have a five-year fixed and a five-year floating interest rate and mature on October 24, 2013. The bank may redeem all but not less than all of the debentures on or after October 24, 2008. The proceeds of the private placement will be used to increase the bank’s total regulatory capital to support current and future asset growth. Lightyear Capital Inc. acted as agent.

The bank was represented by Fraser Milner Casgrain LLP, with a team that included Gail Harding and Lisa Nesbitt. The agent was represented by James Bell of Davis & Company in Calgary.