LANGLEY, B.C. – On November 29, 2022, First West Credit Union (“First West”) closed its offering (the “Offering”) of $150 million aggregate principal amount of senior deposit notes due on November 29, 2024 (the “Notes”). The Notes are unsecured and bear a fixed interest rate of 6.767% per annum, paid semi-annually and commencing on May 29, 2023. DBRS Limited (DBRS Morningstar) assigned the Notes a Long-Term Senior Debt Rating of BBB (high) with a Stable trend.
“First West is working to become a stable, predictable issuer in debt capital markets over time and we were thrilled that our first issuance was well-received by investors,” says Launi Skinner, CEO of First West Credit Union. “Market-based funding options will help us capitalize on our balance sheet strength to gain additional financial capacity and flexibility to support our long-term growth strategies.”
CIBC Capital Markets and Desjardins Capital Markets acted as joint bookrunners and Scotia Capital, National Bank Financial and RBC Dominion Securities acted as co-managers in respect of the Offering.