Western Financial Group Announces Completion of Convertible Debenture Financing
High River, AB, April 21, 2009 – (TSX: WES) Western Financial Group Inc. (the "Company") announced today that it has completed its previously announced convertible debenture financing by way of private placement and as a result has issued $16,710,000 aggregate principal amount of convertible unsecured subordinated debentures (the "Debentures"). Net proceeds from the financing will be used to increase ownership of certain strategic investments and for general corporate purposes.
The Debentures, which are unsecured and subordinated to senior indebtedness of the Company, will bear interest at the rate of 12%, payable semi-annually in arrears, and will mature on June 30, 2014. The Debentures will be convertible by the holder into common shares of the Company at a conversion price of $3.00 per common share, subject to adjustment.
A syndicate of agents, led by TD Securities Inc. ("TD") and comprised of TD, CIBC World Markets Inc., Desjardins Securities Inc., GMP Securities L.P., Jennings Capital Inc., Acumen Capital Finance Partners Limited and Industrial Alliance Securities Inc., acted as the Company's agents in connection with the Private Placement.
Western Financial Group is a leader in providing insurance, financial and banking services to more than 500,000 individuals and businesses in over 100 communities across Western Canada through its WFG Agency Network locations, affiliated insurance brokers, Western Life Assurance Company and Bank West.
The common shares of Western Financial Group are traded on the Toronto Stock Exchange under the symbol "WES".
This press release is not for distribution to any United States news services or otherwise in the United States.
For further information:
For further information, please visit www.westernfinancialgroup.ca or contact:
Jodi Greig, Investor Relations Manager
Western Financial Group
Categories: Archived News - 2009
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