pcNewsWire – ECN Capital Corp. (TSX: ECN) has closed previously announced offering of 4,000,000 6.25% Cumulative 5-Year Minimum Rate Reset Preferred Shares, Series C at $25.00 per share for 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.
Net proceeds will be used to originate and finance, directly and indirectly, finance assets, to fund future acquisitions and for general corporate purposes.
News Release
ECN Capital Announces Closing of $100,000,000 Preferred Share Offering
Toronto, Canada – May 25, 2017 – ECN Capital Corp. (TSX: ECN) (the “Corporation”), one of North America’s leading commercial finance companies, today 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”.
About ECN Capital Corp.
With total owned and managed assets of more than $5.7 billion, ECN Capital Corp. (TSX: ECN) is one of North America’s leading commercial finance companies. ECN Capital operates across North America in three verticals of the commercial finance market (Rail Finance, Commercial & Vendor Finance, and Commercial Aviation Finance).
Contact:
John Wimsatt
Senior Vice-President, Corporate Development and Investor Relations
(647) 649-4634
jwimsatt@ecncapitalcorp.com
SOURCE: ECN Capital Corp.
