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Canadian Western Bank redeeming C$75M sub debt

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Canadian Western Bank redeeming C$75M sub debt

Edmonton, Canada-based Canadian Western Bank intends to redeem all of its C$75 million of outstanding 5.571% subordinated debentures March 22.

The subordinated debt will be redeemed at par plus accrued interest to, but excluding, the redemption date. The subordinated debt does not qualify as non-viability contingent capital under Basel III, and the company expects that its total capital ratio will remain well above the regulatory minimums as well as management's operating targets after the redemption.

The company will use its general corporate funds to finance the redemption.