Western Financial Group Inc. Completes Redemption of all Outstanding Debentures
Lévis (Qc), High River (Alta), May 24, 2011 – Western Financial Group Inc. ("Western") announced today that it has completed the previously announced redemption of all of its outstanding 12% convertible unsecured subordinated debentures (the "Debentures") for an aggregate redemption amount of $21,346.85.
Western paid to the holders of Debentures a redemption amount of $1,067.3425 for each $1,000 principal amount of Debentures, representing 102% of the principal amount of the Debentures, plus accrued and unpaid interest as at May, 2011.
About Western Financial Group
Western Financial Group provides property, liability and life insurance as well as banking and investment services for more than 550,000 customers in Western Canada. Our business units include:
The Network is the largest property and casualty brokerage in Western Canada, providing auto, home, farm and business insurance to residents of 96 communities. In most locations we also offer life insurance products, travel insurance, some investment services, and deposit and loan services such as the purchase of GICs, as well as personal and commercial mortgages and loans.
Bank West is a virtual bank accessible through brokers and customer service agents, focused on commercial, agricultural, recreational vehicle and several types of personal lending, and GICs.
Western Life partners with others who have a customer relationship in place with a product line including Individual Life, Disability and Critical Illness products, Group Health for small employer groups, A&S products designed for niche contexts and many variations of Creditor Insurance products.
Western Financial Insurance is Canada’s oldest and largest pet insurance provider under the brand name PetSecure, leading the market place since 1989 in providing Canadian pet parents with innovative coverage to meet the diverse needs of their pets.
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 service or otherwise in the United States.
For further information, please contact:
Arlene Beggs, Assistant to the President
Western Financial Group