Element Financial Closes Financing from Preferred Share Over-Allotment
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This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
TORONTO, Dec. 23, 2013 /CNW/ - Element Financial Corporation (TSX:EFN) ("Element" or the "Company"), one of North America's leading equipment finance companies, announced today that it has raised gross proceeds of $15,000,000 from the issuance of an additional 600,000 6.60% Cumulative 5-Year Rate Reset Preferred Shares (the "Preferred Shares") at a price of $25.00 per Preferred Share as a result of the exercise in full by the underwriters, of a 15% over-allotment option granted in connection with the previously announced Preferred Share Offering.
The Preferred Share Offering was conducted by 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. that included Manulife Securities Inc.
About Element Financial Corporation
With total assets of approximately $3.3 billion, Element Financial Corporation is one of North America's leading equipment finance companies. Element operates across North America in five verticals of the equipment finance market - Commercial Finance, Vendor Finance, Aviation Finance, Railcar Finance and Fleet Management.
Forward Looking Statements
This release includes forward-looking statements regarding Element and its business. Such statements are based on the current expectations and views of future events of Element's management. In some cases the forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify forward-looking statements. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting Element, including risks regarding the equipment finance industry, economic factors and many other factors beyond the control of Element. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Element undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
SOURCE Element Financial CorporationFor further information:
Senior Vice President
(416) 386-1067 ext. 2313
Chief Financial Officer
(416) 386-1067 ext. 2225