05:57 AM EDT, 10/17/2024 (MT Newswires) -- National Bank of Canada ( NTIOF ) and Canadian Western Bank ( CWESF ) announced overnight Wednesday a planned reorganization of CWB's tier 1 capital in the context of the previously announced proposed acquisition of all of the common shares of CWB by National Bank.

A statement noted the proposed amendments will permit the exchange of CWB's Preferred Shares into new National Bank Preferred Shares and an early redemption of CWB's LRCNs.

It said the tier 1 capital reorganization involves and requires amendments to the following CWB securities: $125 million First Preferred Shares Series 5 (Non-Viability Contingent Capital (NVCC); and $125 million First Preferred Shares Series 9 (NVCC). Also, $175 million 6.00% Limited Recourse Capital Notes Series 1 (NVCC, Subordinated Indebtedness, Series 1 LRCNs); and $150 million 5.00% Limited Recourse Capital Notes Series 2 (NVCC, Subordinated Indebtedness, Series 2 LRCNs).