Business
Element Financial Closes $301 Million Special Warrant Financing
/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES...
About this update from Element Fleet Management Corporation
[{"type":"text","content":"\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.\n NEWSWIRE SERVICES./\n\n\nThis news release does not constitute an offer to sell or a solicitation\n of an offer to buy any of the securities in the United States.  The\n securities have not been and will not be registered under the United\n States Securities Act of 1933, as amended (the \"U.S. Securities Act\")\n or any state securities laws and may not be offered or sold within the\n United States or to U.S. Persons unless registered under the U.S.\n Securities Act and applicable state securities laws or an exemption\n from such registration is available.\n\n\nTORONTO, June 18, 2013 /CNW/ - Element Financial Corporation (TSX:EFN)\n (\"Element\" or the \"Company\"), one of North America's leading\n independent equipment finance companies, announced today that it has\n closed its previously announced Special Warrant financing.\n\n\nElement issued, on a private placement bought deal basis, 29,612,500\n Special Warrants at a price of $10.15 per Special Warrant for gross\n proceeds of $300,566,875 (the \"Offering\"). Each Special Warrant\n entitles the holder to receive, upon exercise or deemed exercise\n thereof, for no additional consideration, one Common Share in the\n capital of Element.\n\n\nThe Offering was co-led by GMP Securities L.P., BMO Capital Markets and\n Barclays and included Scotiabank, National Bank Financial Inc., RBC\n Capital Markets, TD Securities Inc., Cormark Securities Inc. and\n Manulife Securities Inc. (collectively, the \"Underwriters\"). The\n Offering included the exercise in full by the Underwriters of a 15%\n over-allotment option for an additional 3,862,500 Special Warrants.\n\n\nThe Special Warrants will be deemed to be exercised upon the earlier of:\n (i) a date that is no later than the fifth business day after the date\n of issuance of a receipt for a final prospectus qualifying the issuance\n of Common Shares underlying the Special Warrants; and (ii) four months\n and one day following the closing of the Offering.  Element has agreed\n to use commercially reasonable best efforts to file a prospectus\n qualifying the issuance of the Common Shares underlying the Special\n Warrants within 75 days of closing of the Offering.\n\n\nThe proceeds of the Offering will be used to partially fund the\n previously announ...