By Rebecca Melvin
Concord, N.H., Dec. 15 – ECN Capital Corp. priced a C$60 million offering of senior debentures due Dec. 31, 2027 at par with a coupon of 6.25%, according to a press release.
There is a C$9 million greenshoe for the C$1,000-par debenture deal.
CIBC Capital Markets, BMO Capital Markets, National Bank Financial and RBC Capital Markets were lead underwriters for the bought deal.
The debentures are non-callable until Dec. 31, 2024. After that, they are redeemable until Dec. 31, 2025 at 104.6875 plus accrued interest, and from Dec. 31, 2025 to Dec. 31, 2026 at 103.125 plus accrued interest. After Dec. 31, 2026, the debentures are redeemable at par plus accrued interest.
Proceeds will be used to fund growth initiatives or 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$60 million
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| Greenshoe: | C$9 million
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| Maturity: | Dec. 31, 2027
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| Underwriters: | CIBC Capital Markets, BMO Capital Markets, National Bank Financial and RBC Capital Markets
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| Coupon: | 6.25%
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| Price: | Par of C$1,000
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| Yield: | 6.25%
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| Calls: | On or after Dec. 31, 2024 to Dec. 31, 2025 at 104.6875; on or after Dec. 31, 2025 to Dec. 31, 2026 at 103.125; after Dec. 31, 2026 at par
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| Announcement date: | Dec. 15
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| Settlement date: | Dec. 23
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| Distribution: | Canada
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| Listing: | Toronto Stock Exchange
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