{"id":50726,"date":"2019-09-19T20:07:00","date_gmt":"2019-09-20T00:07:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=50726"},"modified":"2025-11-17T20:09:31","modified_gmt":"2025-11-18T01:09:31","slug":"efn-pr-e-no-conversion-to-floatingreset","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50726","title":{"rendered":"EFN.PR.E : 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 E (the “Series E shares”) will be converted into Cumulative Floating Rate Preferred Shares, Series F (the “Series F shares”) on September 30, 2019.<\/p>\n

During the conversion notice period, which commenced on September 3, 2019 and ended at 5:00 p.m. (Toronto time) on September 16, 2019, 90,430 Series E shares were tendered for conversion into Series F shares. In accordance with Section 8.03(a)(iii) of the rights, privileges, restrictions and conditions attaching to the Series E shares, as provided in the Corporation\u2019s restated articles of incorporation dated October 4, 2016, since there would be outstanding on September 30, 2019 less than 500,000 Series F shares, after having taken into account all Series E shares tendered for conversion into Series F shares,<\/p>\n

holders of Series E shares who elected to tender their shares for conversion will not have their Series E shares converted into Series F shares on September 30, 2019.<\/p>\n

As a result, no Series F shares will be issued in connection with the current conversion privilege.<\/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>. The extension was announced 2019-8-27<\/a>. The issue will reset at 5.903%<\/a> effective September 30, 2019. I recommended against conversion<\/a>. The issue is tracked by HIMIPref™ and is assigned to the Scraps – FixedReset – Discount subindex.<\/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 E (the “Series E shares”) will be converted into Cumulative Floating Rate Preferred Shares, Series F (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-50726","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50726","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=50726"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50726\/revisions"}],"predecessor-version":[{"id":50727,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50726\/revisions\/50727"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50726"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50726"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50726"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}