Western Financial Bank to start roadshow Thursday for $200 million 10-year notes

By Paul A. Harris

St. Louis, Mo., April 17 - Western Financial Bank starts the roadshow Thursday for an offering of $200 million of subordinated capital debentures due 2012 (B1/BB-), according to a syndicate source.

Pricing is expected to take place April 26.

Credit Suisse First Boston is the bookrunner for the registered deal. Bear Stearns & Co. and RBC Capital Markets are co-managers.

The notes are non-callable for seven years.

Western Financial Bank, an Irvine, Calif.-based independent auto finance company, is a subsidiary of Westcorp. Proceeds from the deal will be used to fund the growth of its auto lending operations.

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