Element Financial to Raise $2.2B to Fund Future Acquisitions

Element Financial announced that it plans to sell, on a “bought deal” basis, $1,550 million of subscription receipts, $500 million aggregate principal amount of extendible convertible unsecured subordinated debentures and $150 million cumulative 5-year rate reset preferred shares, Series G of Element.

The company said it intends to use the net proceeds from the Offerings to fund future acquisitions.

“As we discussed on our recent first quarter conference call, the process of consolidation continues to accelerate in Element’s Fleet Management and Railcar verticals. The proceeds from this offering, together with the available leverage capacity in our capital structure, will enable us to act on acquisition opportunities that meet our criteria for accretion and value creation for our shareholders,” said Steven Hudson, Element’s chief executive officer.

To view the full Element Financial news release, click here.

Like this story? Begin each business day with news you need to know! Click here to register now for our FREE Daily E-News Broadcast and start YOUR day informed!

Leave a comment

View Latest Digital Edition

Terry Mulreany
Subscriptions: 800 708 9373 x130
Susie Angelucci
Advertising: 484.459.3016

View Latest Digital Edition

Visit our sister website for news, information, exclusive articles,
deal tables and more on the asset-based lending, factoring,
and restructuring industries.