Element Financial to Raise $2.2B to Fund Future Acquisitions
MAY 21, 2015 - 7:02 am
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.
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