ECN Capital Corp. has announced:
that it has closed the previously announced offering of 4,000,000 6.25% Cumulative 5-Year Minimum Rate Reset Preferred Shares, Series C (the “Series C Preferred Shares”) 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 co-led by BMO Capital Markets, CIBC Capital Markets, National Bank Financial, RBC Capital Markets, TD Securities, and including Cormark Securities, Desjardins Securities, GMP Securities, HSBC Securities (Canada) and Raymond James.
The Corporation intends to use the net proceeds to originate and finance, directly and indirectly, finance assets, to fund future acquisitions and for general corporate purposes.
“We are grateful for the support shown by the market in the successful completion of this financing”, said Steve Hudson, Chief Executive Officer, “and we look forward to executing on our business plan and delivering value for our shareholders.”
The Series C Preferred Shares will commence trading today on the Toronto Stock Exchange under the symbol “ECN.PR.C”.
ECN.PR.C is a FixedReset, 6.25%+519M625, announced 2017-5-15. It will be tracked by HIMIPref™ but relegated to the Scraps subindex on credit concerns.
The issue traded 99,442 shares today in a range of 24.43-75 before closing at 24.44-52. Vital statistics are:
| ECN.PR.C | FixedReset | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-05-25 Maturity Price : 22.95 Evaluated at bid price : 24.44 Bid-YTW : 6.39 % |
[…] was issued as a FixedReset, 6.25%+519M625, that commenced trading 2017-5-25 after being announced 2017-5-15. It is tracked by HIMIPref™ but relegated to the Scraps subindex […]