Element Financial greenshoe lifts preferred sale to C$115 million

By Tali David

Minneapolis, Dec. 23 - Underwriters for Element Financial Corp.'s offering of 6.6% cumulative five-year rate reset preferred shares exercised their over-allotment option in full, adding an additional C$15 million, according to a press release.

The company priced an upsized C$100 million of the preferreds on Dec. 10 at C$25 per share. The over-allotment option brings the total issuance to C$115 million.

As previously reported, GMP Securities LP, National Bank Financial Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc. and TD Securities Inc. were the co-lead managers.

Element Financial, a Toronto-based equipment finance company, plans to use the proceeds to originate and finance, directly or indirectly, assets and for general corporate purposes.

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