{"id":50371,"date":"2019-06-22T11:16:00","date_gmt":"2019-06-22T15:16:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=50371"},"modified":"2025-10-17T11:18:40","modified_gmt":"2025-10-17T15:18:40","slug":"efn-pr-c-no-conversion-to-floatingreset","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50371","title":{"rendered":"EFN.PR.C : No Conversion to FloatingReset"},"content":{"rendered":"

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

that none of its outstanding Cumulative 5-Year Rate Reset Preferred Shares, Series C (the “Series C shares”) will be converted into Cumulative Floating Rate Preferred Shares, Series D (the “Series D shares”) on June 30, 2019.<\/p>\n

During the conversion notice period, which commenced on May 31, 2019 and ended at 5:00 p.m. (Toronto time) on June 17, 2019, 145,926 Series C shares were tendered for conversion into Series D shares. In accordance with Section 6.03(a)(iii) of the rights, privileges, restrictions and conditions attaching to the Series C shares, as provided in the Corporation\u2019s restated articles of incorporation dated October 4, 2016, since there would be outstanding on June 30, 2019 less than 500,000 Series D shares, after having taken into account all Series C shares tendered for conversion into Series D shares, holders of Series C shares who elected to tender their shares for conversion will not have their Series C shares converted into Series D shares on June 30, 2019.<\/p>\n

As a result, no Series D shares will be issued in connection with the current conversion privilege.<\/p>\n<\/blockquote>\n

EFN.PR.C was announced 2014-2-26<\/a> as a FixedReset, 6.50%+481, but was not added to HIMIPref™ at that time as the company did not have a credit rating. The company received an initial rating from DBRS on 2015-9-24<\/a> and HIMIPref™ commenced tracking its four issues then outstanding<\/a> shortly thereafter. The extension of the issue was announced 2019-5-22<\/a> and it was later announced that EFN.PR.C will reset At 6.210%<\/a> effective June 30, 2019. I recommended against conversion<\/a>. The issue continues to be tracked by HIMIPref™ but is relegated to the Scraps – FixedReset (Discount) subindex on credit concerns.<\/p>\n","protected":false},"excerpt":{"rendered":"

Element Fleet Management has announced: that none of its outstanding Cumulative 5-Year Rate Reset Preferred Shares, Series C (the “Series C shares”) will be converted into Cumulative Floating Rate Preferred Shares, Series D (the “Series …<\/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-50371","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50371","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=50371"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50371\/revisions"}],"predecessor-version":[{"id":50372,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50371\/revisions\/50372"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50371"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50371"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50371"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}