Concentra Bank today announced the closing of an offering of $150 million floating rate deposit notes due 2020 in the debt capital markets to a broad group of investors. The Notes will mature on May 7, 2020 and will bear interest at a floating rate equal to 3-month CDOR plus 60 basis points, reset quarterly. The Notes will rank equally and ratably with all present and future unsecured and unsubordinated liabilities of Concentra and are not eligible for CDIC insurance. The current rating assigned by DBRS Limited on Concentra’s deposits, including the Notes, and senior debt is “A (low)” with a Stable trend.
The issuance of the Notes is consistent with the Bank’s strategy to diversify its funding sources and enable the growth of the Bank.
“The success of this issuance is due to broad acceptance from the institutional investor base and reflects the rising awareness of Concentra Bank in the capital markets,” said Paul Masterson, EVP and Chief Financial Officer. “This transaction highlights our commitment to strengthen the franchise and deliver greater value to our employees, owners, and customers.”
BMO Capital Markets acted as the sole book runner for the offering.
The Bank expects to become a regular issuer of deposit notes in the future.
About Concentra Bank
Concentra Bank is a purpose-based organization, striving to enable the success of Canadians. As an innovative and future-focused company, we form partnerships to deliver industry-best financial solutions to our customers. We offer a wide range of financial solutions including specialized banking, consumer finance, treasury, wealth/trust services and more.
The Bank currently has over $35 billion in assets under administration, and $9 billion in total assets.
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