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Element Financial Closes $125 Million Bought Deal Preferred Share Financing
Element Financial Corporation (TSX:EFN, EFN.PR.A) (“Element”), one of North America’s leading equipment finance companies, closed an offering of 5,000,000 6.50% Cumulative 5-Year Rate Reset Preferred Shares, Series C (“Series C Preferred Shares”) at a price of $25.00 per Series C Preferred Share for gross proceeds of $125,000,000 (the “Offering”). The Offering was completed pursuant to a prospectus supplement to Element’s December 6, 2013 base shelf prospectus and was conducted through a syndicate of underwriters co-led by GMP Securities L.P., National Bank Financial Inc., BMO Capital Markets, CIBC World Markets Inc., RBC Capital Markets, TD Securities Inc. and including Desjardins Securities Inc., Raymond James Ltd. and Manulife Securities Inc.
Wildeboer Dellelce LLP acted as counsel to the underwriters in connection with the Offering with a team that included Perry Dellelce, Rob Wortzman, Jeff Hergott, Mack Hosseinian and Danny Kharazmi (corporate/securities) and Kevin Fritz (tax).
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