First West Credit Union closes C$200M senior deposit notes offering
McCarthy Tétrault LLP advised First West Credit Union ("First West") on its offering of C$200 million aggregate principal amount of senior deposit notes (the "notes") due in 2027. The notes bear interest at a rate of 3.691% per annum, paid semi-annually and commencing on May 15, 2026, and will rank pari passu with all other unsecured and unsubordinated debt of First West. The offering was First West’s fourth offering of notes since 2022 and was upsized from an initial offering of C$150 million to C$200 million after being five times oversubscribed with an order book of C$1.07 billion. The notes were issued under a debt capital markets platform previously established by McCarthy Tétrault.
The syndicate of dealers for the offering included Desjardins Capital Markets and Scotia Capital Inc., as joint bookrunners, and CIBC World Markets, National Bank Financial Inc. and RBC Dominion Securities Inc., as agents.
Headquartered in Langley, British Columbia, First West is one of Canada’s largest credit unions with approximately C$20 billion in total assets and assets under administration and over 45 branches. First West is Canada’s premier multi-brand credit union, serving 283,000 members through four community brands: Envision Financial, Valley First, Island Savings and Enderby & District Financial.
McCarthy Tétrault advised First West with a team led by Pavan Jawanda that included Thomas Fung, Joey Levesque, Pedram Gholipour and Emma Good (Capital Markets) and Trena Graff (Paralegal).
