{"id":49836,"date":"2018-12-21T19:31:00","date_gmt":"2018-12-22T00:31:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49836"},"modified":"2025-08-27T19:32:48","modified_gmt":"2025-08-27T23:32:48","slug":"efn-pr-a-no-conversion-to-floatingreset","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49836","title":{"rendered":"EFN.PR.A : No Conversion to FloatingReset"},"content":{"rendered":"

Element Fleet Management Corp. has announced<\/a>:<\/p>\n

\n

that none of its outstanding Cumulative 5-Year Rate Reset Preferred Shares, Series A (the “Series A shares”) will be converted into Cumulative Floating Rate Preferred Shares, Series B (the “Series B shares”) on December 31, 2018.<\/p>\n

During the conversion notice period, which commenced on December 3, 2018 and ended at 5:00 p.m. (EST) on December 17, 2018, 209,460 Series A shares were tendered for conversion into Series B shares. In accordance with Section 4.03(a)(iii) of the rights, privileges, restrictions and conditions attaching to the Series A shares, as provided in the Corporation\u2019s restated articles of incorporation dated October 4, 2016, since there would be outstanding on December 31, 2018 less than 500,000 Series B shares, after having taken into account all Series A shares tendered for conversion into Series B shares, holders of Series A shares who elected to tender their shares for conversion will not have their Series A shares converted into Series B shares on December 31, 2018.<\/p>\n

As a result, no Series B shares will be issued on December 31, 2018.<\/p>\n<\/blockquote>\n

It will be recalled that EFN.PR.A will reset at 6.933% effective December 31, 2018<\/a>.<\/p>\n

EFN.PR.A is a FixedReset, 6.60%+471, that was announced 2013-12-9<\/a>; HIMIPref™ commenced tracking the issue in September 2015<\/a> after it received a DBRS rating<\/a>. The notice of extension dated 2018-11-20<\/a> was reported on PrefBlog. The issue is relegated to the Scraps – FixedReset Discount subindex on credit concerns.<\/p>\n

I recommended against conversion<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Element Fleet Management Corp. has announced: that none of its outstanding Cumulative 5-Year Rate Reset Preferred Shares, Series A (the “Series A shares”) will be converted into Cumulative Floating Rate Preferred Shares, Series B (the …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-49836","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49836","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=49836"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49836\/revisions"}],"predecessor-version":[{"id":49837,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49836\/revisions\/49837"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49836"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49836"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49836"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}