ECN Capital closed the previously announced offering of 4,000,000 6.25% cumulative 5-year minimum rate reset preferred shares, Series C at a price of $25 per share for aggregate gross proceeds of $100 million.
The offering was conducted by a syndicate of underwriters co-led by BMO Capital Markets, CIBC Capital Markets, National Bank Financial, RBC Capital Markets, TD Securities, and including Cormark Securities, Desjardins Securities, GMP Securities, HSBC Securities (Canada) and Raymond James.
ECN intends to use the net proceeds to originate and finance, directly and indirectly, finance assets, to fund future acquisitions and for general corporate purposes.
“We are grateful for the support shown by the market in the successful completion of this financing”, said Steve Hudson, CEO. “And we look forward to executing on our business plan and delivering value for our shareholders.”
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