{"id":50706,"date":"2019-08-27T11:44:00","date_gmt":"2019-08-27T15:44:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=50706"},"modified":"2025-11-17T11:46:06","modified_gmt":"2025-11-17T16:46:06","slug":"efn-pr-e-to-be-extended","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50706","title":{"rendered":"EFN.PR.E To Be Extended"},"content":{"rendered":"

Element Fleet Management Corp. has announced<\/a> (although not yet on their website):<\/p>\n

\n

that, pursuant to the rights, privileges, restrictions and conditions attaching to the Cumulative 5-Year Rate Reset Preferred Shares, Series E of the Corporation (the \u201cSeries E shares\u201d), as provided in the Corporation\u2019s restated articles of incorporation dated October 4, 2016, the holders of Series E shares have the right, at their option, on September 30, 2019 (the \u201cSeries E Conversion Date\u201d) to convert all, or any part, of the then outstanding Series E shares into Cumulative Floating Rate Preferred Shares, Series F of the Corporation (the \u201cSeries F shares\u201d) on the basis of one Series F share for each Series E share converted (the \u201cSeries E Conversion Privilege\u201d).<\/p>\n

The dividend rate applicable to the Series E shares for the period from and including September 30, 2019 up to, but excluding, September 30, 2024, and the dividend rate applicable to the Series F shares for the period from and including September 30, 2019 up to, but excluding, December 31, 2019, will be determined by the Corporation and announced by way of a news release on September 3, 2019.<\/p>\n

Beneficial owners of Series E shares who wish to exercise their Series E Conversion Privilege should communicate with their broker or other nominee to obtain instructions for exercising such Series E Conversion Privilege during the notice period, which will run from September 3, 2019 until 5:00 p.m. (Toronto time) on September 16, 2019.<\/p>\n

The foregoing Series E Conversion Privilege is subject to the following: (i) holders of Series E shares shall not be entitled to convert their Series E shares into Series F shares on the Series E Conversion Date if the Corporation determines that there would remain outstanding on the Series E Conversion Date less than 500,000 Series F shares, after taking into account all Series E shares tendered for conversion into Series F shares, and (ii) alternatively, if the Corporation determines that there would remain outstanding on the Series E Conversion Date less than 500,000 Series E shares after taking into account all Series E shares tendered for conversion into Series F shares, then all, but not part, of the remaining Series E shares shall automatically be converted into Series F shares on the basis of one Series F share for each Series E share on the Series E Conversion Date. In either case, the Corporation will give written notice to that effect to the sole registered holder of the Series E shares at least seven days prior to the Series E Conversion Date.<\/p>\n<\/blockquote>\n

EFN.PR.E is a FixedReset, 6.40%+472, that was announced 2014-6-2<\/a> but not immediately tracked by HIMIPref™ as it was unrated. Coverage commenced in September, 2015<\/a> after the company’s preferreds were rated Pfd-3 by DBRS<\/a>.<\/p>\n

I will have more to say once the reset rate is announced on September 3.<\/p>\n","protected":false},"excerpt":{"rendered":"

Element Fleet Management Corp. has announced (although not yet on their website): that, pursuant to the rights, privileges, restrictions and conditions attaching to the Cumulative 5-Year Rate Reset Preferred Shares, Series E of the Corporation …<\/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-50706","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50706","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=50706"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50706\/revisions"}],"predecessor-version":[{"id":50707,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50706\/revisions\/50707"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50706"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}