|By Marketwired .||
|September 12, 2013 10:37 AM EDT||
SASKATOON, SASKATCHEWAN -- (Marketwired) -- 09/12/13 -- Concentra Financial Services Association ("Concentra") announced today that it has closed an $80 million floating rate senior unsecured deposit note offering. CIBC World Markets Inc. acted as the sole agent on this transaction. The deposit notes mature on September 12, 2014 and have a coupon equal to the three-month BA rate plus 75 bps (reset quarterly). The deposit notes are senior unsubordinated liabilities that rank pari passu with all of Concentra's deposit liabilities, other than obligations preferred by mandatory provisions of law.
The net proceeds of the offering will be used by Concentra for general corporate purposes.
Concentra is a Canadian private company that works with credit unions and strategic partners to enhance the success of the Canadian credit union system and its members by delivering a full suite of competitive, high-quality financial and trust services. For more information, visit www.concentrafinancial.ca.
Senior Vice-President, Financial Intermediation