Pacific & Western to repay Series A Promissory Notes
LONDON, ON, Apr 15, 2010 (Canada NewsWire via COMTEX) --Pacific & Western Credit Corp. (TSX:PWC) will repay all principal and accrued interest on its Series A Promissory Notes (PWC.NT.C) at maturity on April 19, 2010.
There is currently $2,612,000 of Series A Notes outstanding, which have been paying interest at a rate of 9.25% per annum since their issuance in April, 2000. David Taylor, President & C.E.O. of Pacific & Western stated that, "The upcoming maturity of our Series A Notes fits well with our intention to replace higher priced debt with Class "B" Preferred Shares, which have a lower cost to Pacific & Western and will allow the Class "B" shareholders to share in a higher potential upside."
Pacific & Western Credit Corp.'s Class "B" Preferred Shares trade on the TSX under the symbol PWC.PR.B.
Pacific & Western Credit Corp.'s common shares trade on the TSX under the symbol PWC.
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SOURCE: Pacific & Western Credit Corp.
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