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Pacific & Western Credit Corp's Pacific and Western Bank of Canada Files Preliminary Prospectus For Its Initial Public Offering


Thursday, 4 Jul 2013 02:57pm EDT 

Pacific & Western Credit Corp announced that its wholly-owned subsidiary, Pacific and Western Bank of Canada has filed a preliminary prospectus in each of the provinces and territories of Canada, other than Quebec, in connection with a reasonable best efforts marketed offering of common shares of the Bank (Common Shares). The offering (the Offering) is expected to consist of an initial public offering by the Bank of Common Shares, as well as a secondary offering of Common Shares held by PWC. The terms and conditions of the Offering will be determined by negotiation between PWC, the Bank and a syndicate of agents lead by RBC Dominion Securities Inc. The Bank plans to use the net proceeds of the Offering received by the Bank to reduce the amount of the Bank's outstanding subordinated notes which are held by a third party. PWC plans to use the first $3.0million in net proceeds of the Offering received by PWC for the purposes of its ongoing working capital requirements. Any net proceeds received by PWC above $3.0million will be invested by PWC, following closing of the Offering, in additional Common Shares of the Bank at a price per Common Share equal to the offering price per Common Share under the Offering. In turn, the Bank is proposing to use the net proceeds raised from the sale of the additional Common Shares to PWC towards the repayment of the subordinated notes of the Bank held by a third party. 

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23.25
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1 May 2015