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Element Financial Corp announces increases of previously announced offerings of common shares and cumulative five year rate reset preferred shares to aggregate of $500 million


Tuesday, 10 Dec 2013 10:45am EST 

Element Financial Corp:Says it has amended the terms of its previously announced bought deal offering of common shares of Element to increase the size of such offering to about $400 million.Says it has amended the terms of its previously announced bought deal offering of Cumulative five Year Rate Reset Preferred Shares, Series A to increase the size of such offering to $100 million, for aggregate gross proceeds for the Offerings of about $500 million.Says under the amended terms of the Common Share Offering, a syndicate of underwriters co-led by GMP Securities L.P, BMO Capital Markets, CIBC World Markets and RBC Capital Markets have agreed to purchase.Says on a bought deal basis, an aggregate of 29,100,000 Common Shares at a price of $13.75 per Common Share for total gross proceeds of about $400 million.Says under the amended terms of the Preferred Share Offering, a syndicate of underwriters co-led by GMP Securities L.P, National Bank Financial Inc., BMO Capital Markets, CIBC World Markets, RBC Capital Markets and TD Securities Inc. have agreed to purchase.Says on a bought deal basis, an aggregate of 4,000,000 Series A Preferred Shares at a price of $25.00 per Series A Preferred Share for total gross proceeds of $100 million.Says net proceeds of the Common Share Offering and Preferred Share Offering will be used to originate and finance, directly or indirectly, finance assets and for general corporate purposes.Says offering is scheduled to close on or about Dec. 17. 

Company Quote

14.53
0.1 +0.69%
30 Jul 2014