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Element Financial greenshoe lifts preferred sale to C$128.16 million
By Tali Rackner
Norfolk, Va., March 24 - Underwriters for Element Financial Corp.'s 6.5% series C cumulative five-year rate-reset preferred shares partially exercised their over-allotment option, adding an additional C$3.16 million, or 126,400 shares, according to a press release.
The company priced an upsized C$125 million of the C$25-par preferreds on Feb. 26.
The greenshoe was for C$6.5 million, or 250,000 shares.
As previously reported, GMP Securities LP, National Bank Financial Inc., BMO Nesbitt Burns Inc., CIBC World Markets, RBC Dominion Securities Inc. and TD Securities Inc. were the co-lead managers.
The Toronto-based equipment finance company plans to use the proceeds from the deal to originate and finance, directly or indirectly, assets as well as for general corporate purposes.
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