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Canadian Western Bank raises C$140M via preferred offering

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Canadian Western Bank raises C$140M via preferred offering

Canadian WesternBank completed its domesticpublic offering of noncumulative five-year rate reset first preferredshares, series 7,according to a March 31 news release.

The Edmonton, Canada-based bank issued 5.6 million of the sharesat C$25 per share for gross proceeds of C$140 million. Net proceeds from the offeringwill be added to Canadian Western Bank's capital base and used for general corporatepurposes and are expected to qualify as Tier 1 capital for the bank.

The offering was underwritten on a bought-deal basis by a syndicateled by National Bank Financial Inc. The series 7 preferred shares will commencetrading on the Toronto Stock Exchange on March 31 under the ticker symbol CWB.PR.C.