By Rebecca Melvin
New York, March 9 - E-L Financial Corp. Ltd. said Friday that it priced C$100 million of series 3 first preference shares at par of C$25 in a bought deal to yield a dividend of 5.5%.
The Regulation S deal was bought by a syndicate led by Scotia Capital Inc. and TD Securities Inc., according to a company news release.
Proceeds will be contributed to the company's capital base to supplement financial resources and for general corporate purposes.
The transaction is subject to regulatory approvals and is expected to close April 2.
Toronto-based E-L Financial is an insurance holding company.
| Issuer: | E-L Financial Corp. Ltd.
|
| Amount: | C$100 million, or 4 million shares
|
| Securities: | Series 3 first preference shares
|
| Bookrunners: | Syndicate led by Scotia Capital Inc. and TD Securities Inc.
|
| Dividend: | 5.5%
|
| Price: | C$25 per share
|
| Yield: | 5.5%
|
| Pricing date: | March 9
|
| Settlement date: | April 2
|
| Distribution: | Regulation S, Canada
|
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