ECN.PR.A Weak on Light Volume

ECN Capital Corp. has announced:

that it has closed the previously announced offering of 4,000,000 6.50% Cumulative 5-Year Minimum Rate Reset Preferred Shares, Series A (the “Series A Preferred Shares” or the “Offering”) at a price of $25.00 per share for aggregate gross proceeds of $100,000,000. The Offering was conducted by a syndicate of underwriters led by BMO Capital Markets, CIBC World Markets, National Bank Financial, RBC Capital Markets, TD Securities, Desjardins Securities, Cormark Securities, GMP Securities, HSBC Securities (Canada) and Raymond James.

The net proceeds will be be used to originate and finance, directly and indirectly, finance assets and for general corporate purposes.

The Series A Preferred Shares will commence trading today on the Toronto Stock Exchange under the symbol “ECN.PR.A”.

The Company also filed on November 22, 2016 its interim carve-out financial statements as at and for the three and nine-month periods ended September 30, 2016, together with its amended management’s discussion and analysis of financial condition and results of operations for the same period (which non material amendments relate to non-GAAP financial measures, results of operations and related party transactions). These documents were filed on SEDAR and are incorporated by reference into the Corporation’s prospectus in connection with the Offering. For more information, please visit SEDAR at

ECN.PR.A is a FixedReset, 6.50%+544M650, announced 2016-11-23. It will be tracked by HIMIPref™ but relegated to the Scraps index on credit concerns.

The issue traded 134,385 shares today in a range of 24.30-65 before closing at 24.32-40, 3×1. Vital statistics are:

Maturity Type : Limit Maturity
Maturity Date : 2046-12-02
Maturity Price : 22.91
Evaluated at bid price : 24.32
Bid-YTW : 6.67 %

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