By Marisa Wong
Los Angeles, Oct. 19 – ECN Capital Corp. priced a C$75 million offering of C$1,000-par senior debentures due Dec. 31, 2026 at par with a coupon of 6%, according to a press release.
There is an C$11.25 million greenshoe.
BMO Capital Markets, CIBC Capital Markets, National Bank Financial and RBC Capital Markets are the underwriters.
The debentures are redeemable on or after Dec. 31, 2024 at 103 initially and at par beginning on Dec. 31, 2025.
The company plans to list the debentures on the Toronto Stock Exchange.
Proceeds will be used to redeem or repay outstanding securities or debt and for general corporate purposes.
ECN Capital is a Toronto-based asset manager.
| Issuer: | ECN Capital Corp.
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| Description: | Senior debentures
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| Amount: | C$75 million
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| Greenshoe: | C$11.25 million
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| Maturity: | Dec. 31, 2026
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| Underwriters: | BMO Capital Markets, CIBC Capital Markets, National Bank Financial and RBC Capital Markets
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| Coupon: | 6%
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| Price: | Par of C$1,000
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| Yield: | 6%
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| Call: | On or after Dec. 31, 2024 to Dec. 31, 2025 at 103; on or after Dec. 31, 2025 at par
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| Pricing date: | Oct. 19
|
| Settlement date: | Oct. 28
|
| Distribution: | Canada
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| Listing: | Toronto Stock Exchange
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