First West Credit Union has closed an offering of C$200 million in senior deposit notes due in 2027. The notes bear interest at a rate of 3.691 percent 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 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.

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).