First West Credit Union successfully closes $150 million, 2-year senior deposit notes offering

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. 

Forward-Looking Statements 

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward -looking statements”). When used in this news release the words “may”, “to be”, “will” and similar expressions are intended to identify forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. 

This media release does not constitute an offer to sell or a solicitation of an offer to buy any securities.