Element adjusts conversion prices of 5.125%, 4.25% notes for split-off

By Susanna Moon

Chicago, Oct. 20 – Element Fleet Management Corp. said it adjusted the conversion prices of its C$345 million principal amount of 5.125% convertible debentures due June 30, 2019 and C$575 million principal amount of 4.25% convertible debentures due June 30, 2020.

The conversion price for the 5.125% convertibles was adjusted to C$14.32737 per Element Fleet common share, representing a conversion ratio of about 69.79648 shares per C$1,000 principal amount, according to a company notice.

For the 4.25% convertibles, the conversion price is now C$19.10317 for a conversion ratio of about 52.34733 Element Fleet common shares per C$1,000 principal amount.

The adjustment is the result of the company’s reorganization into two separate publicly traded companies, by way of statutory plan of arrangement, the company said.

The company’s stock (Toronto: EFN) closed at C$13.17 on Oct. 19.

Element Fleet is a fleet management company based in Toronto.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.