Equitable Group Inc. today announced that it has completed more than half of its planned $40 million subordinated debenture series 7 offering with the completion of a $12.5 million financing from Canadian Western Bank.
Proceeds of the financing will be used to expand the regulatory capital base and support additional growth in Equitable Group’s wholly owned subsidiary, The Equitable Trust Company. Subordinated Debentures are considered eligible for Tier 2 regulatory capital by the Office of the Superintendent of Financial Institutions.
“We are delighted with the reception to our Series 7 Subordinated Debenture program,” said Andrew Moor, Equitable president and CEO. “After just two months since its release, we are already more than half way towards our objective for the full year. This financing is an integral part of our 2007 capital plan and will support continued profitable growth in assets.”
Added Stephen Coffey, senior vp and CFO: “We have employed this same method of capital fundraising in the past and have found it to be both efficient and effective. Consequently, we expect to raise the entire amount, or $40 million, in an orderly manner as the year progresses. This financing will assist us in achieving an optimal blend of Tier 1 and Tier 2 regulatory capital with the objective of enhancing return on equity.”
Equitable completes financing with Canadian Western Bank
Mortgage lender augments regulatory capital to support growth
- By: IE Staff
- March 19, 2007 March 19, 2007
- 07:30