Canadian Western Bank has announced (on 2021-6-1):
that it will redeem all of its outstanding 5,600,000 Non-Cumulative 5-Year Rate Reset First Preferred Shares Series 7 (Non-Viability Contingent Capital (NVCC)) (the “Series 7 Preferred Shares”) for cash on July 31, 2021. The Series 7 Preferred Shares (TSX: CWB.PR.C) are redeemable at CWB’s option on July 31, 2021 at a redemption price per Series 7 Preferred Share equal to $25.00 for an aggregate total of $140 million. Formal notice will be delivered to holders of Series 7 Preferred Shares in accordance with the terms outlined in the share provisions for the Series 7 Preferred Shares.
Separately from the redemption price, the final quarterly dividend of $0.390625 per Series 7 Preferred Share will be paid in the usual manner on July 31, 2021 to shareholders of record on July 23, 2021. After the Series 7 Preferred Shares are redeemed, holders of Series 7 Preferred Shares will cease to be entitled to distributions of dividends and will not be entitled to exercise any rights as holders other than to receive the redemption price.
CWB.PR.C was a FixedReset, 6.25%+547, NVCC, that commenced trading 2016-3-31 after being announced 2016-3-10. It was tracked by HIMIPref™ but relegated to the Scraps index on credit concerns.
This entry was posted on Sunday, August 8th, 2021 at 2:41 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.
CWB.PR.C Redeemed
Canadian Western Bank has announced (on 2021-6-1):
CWB.PR.C was a FixedReset, 6.25%+547, NVCC, that commenced trading 2016-3-31 after being announced 2016-3-10. It was tracked by HIMIPref™ but relegated to the Scraps index on credit concerns.
This entry was posted on Sunday, August 8th, 2021 at 2:41 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.