On March 31, 2016, Canadian Western Bank (CWB) completed a public offering of 5,600,000 non-cumulative 5-year rate reset First Preferred Shares Series 7 (Non-Viability Contingent Capital (NVCC)) (the Series 7 Preferred Shares), at a price of $25 per share to raise gross proceeds of $140 million.
The offering was underwritten on a bought deal basis by a syndicate led by National Bank Financial Inc. and which included BMO Capital Markets, RBC Capital Markets, TD Securities Inc., CIBC World Markets Inc., Scotia Capital Inc., Canaccord Genuity Corp., GMP Securities L.P., Raymond James Ltd. and Desjardins Securities Inc. The Series 7 Preferred Shares were issued under a short form prospectus dated March 22, 2016.
Canadian Western Bank was represented by an in-house team led by Gail Harding, QC, Senior Vice President, General Counsel and Corporate Secretary, and Summer Bradko, AVP, Senior Legal Counsel & Chief Ethics Officer. Torys LLP provided external support with a team led by David Seville and which included David Leith and Simonne Horwitz (corporate/securities), Blair Keefe (financial institutions), Jerald Wortsman and Catrina Card (tax).
The underwriters were represented by McCarthy Tétrault LLP with a team led by Andrew Parker and which included Barry Ryan, Omar Soliman and John Murray (corporate/securities) and Gabrielle Richards (tax).