Pacific & Western Credit Corp. plans to proceed with a private placement of up to $20 million of its Series C promissory notes that mature on Oct. 16, 2018, the firm announced Thursday.

The notes pay interest at 9% per annum and will be issued in denominations of $1,000 and integral multiples thereof. The purchase price of the notes will be a discount to face value to reflect current market yields.

The offering, which is subject to regulatory approval, is expected to have multiple closings.

Net proceeds from the offering will be used for working capital purposes of Pacific & Western and to increase the regulatory capital wholly owned subsidiary, Pacific & Western Bank of Canada.

IE