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Pacific & Western Bank of Canada and Pacific & Western Credit Corp. complete $10,875,000 offering; Pacific & Western Credit Corp. files early warning report
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S./ LONDON ...
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[{"type":"text","content":"\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE\n U.S./\n\n\nLONDON, ON, Aug. 27, 2013 /CNW/ - Pacific & Western Bank of Canada (the\n \"Bank\") (TSX:PWB) and Pacific & Western Credit Corp. (\"PWC\") (TSX:PWC) are pleased to announce the completion of the offering (the\n \"Offering\") of Common Shares of the Bank (\"Common Shares\"), consisting of the\n Bank's initial public offering (the \"Treasury Offering\") of Common Shares and PWC's secondary offering (the \"Secondary Offering\") of Common Shares.\n\n\nA total of 1,500,000 Common Shares were sold under the Offering at a\n price of $7.25 per Common Share, for aggregate gross proceeds of\n $10,875,000.  The Treasury Offering consisted of the issuance of\n 400,000 Common Shares by the Bank, for gross proceeds of $2,900,000 to\n the Bank.  The Secondary Offering consisted of the sale of 1,100,000\n Common Shares by PWC, for gross proceeds of $7,975,000 to PWC.\n\n\nThe Common Shares will commence trading today on the Toronto Stock\n Exchange under the symbol \"PWB\".\n\n\n\"We are delighted with the market's receptiveness to our Offering and\n with the display of public confidence for Pacific & Western Bank of\n Canada,\" said David Taylor, President & Chief Executive Officer.  \"We\n are looking forward to continued growth and to achieving our goals as a\n new publicly traded bank on the Toronto Stock Exchange.\"\n\n\nThe Offering was made through a syndicate of agents led by RBC Dominion\n Securities Inc. and including PI Financial Corp., Dundee Securities\n Ltd., Industrial Alliance Securities Inc. and MGI Securities Inc.\n (collectively, the \"Agents\"). The Agents have been granted an option (the \"Over-Allotment Option\"), exercisable in whole or in part for a period of 30 days following\n closing of the Offering, to purchase up to an additional 225,000 Common\n Shares from the Bank at a price of $7.25 per Common Share.\n\n\nThe Bank plans to use the net proceeds of the Treasury Offering to\n reduce the amount of its outstanding subordinated notes that are held\n by a third party.  PWC plans to use the first $3.0 million in net\n proceeds of the Secondary Offering for the purpose of satisfying its\n ongoing working capital requirements.  Immediately following closing of\n the Offering, PWC invested th...