On December 13, 2022, Canadian Western Bank (CWB) announced the issuance of $150 million 5.937% Series H Subordinated Debentures, with closing on December 22, 2022. The debentures mature on December 22, 2032, accruing interest at 5.937% semi-annually until December 22, 2027. After this date, the interest resets to Daily Compounded CORRA plus 2.910%, payable quarterly. Structured as Non-Viability Contingent Capital (NVCC), the debentures automatically convert into CWB common shares upon the occurrence of a "Trigger Event."

The net proceeds of approximately $149.475 million will be used for general corporate purposes and to strengthen CWB's Tier 2 regulatory capital. The offering was managed by RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., Casgrain & Company Limited, CIBC World Markets Inc., Desjardins Securities Inc., National Bank Financial Inc., Scotia Capital Inc., and TD Securities Inc., with the agents receiving a total fee of $525,000.

Legal counsel for the offering included Torys LLP for CWB and McCarthy Tétrault LLP for the agents. The debentures are unsecured, subordinated debt obligations and do not constitute deposits insured under the Canada Deposit Insurance Corporation Act. Computershare Trust Company of Canada acted as trustee. Additionally, the Toronto Stock Exchange conditionally approved the listing of CWB common shares issuable upon a Trigger Event.