E-L Financial Corporation Limited Completes Offering of $100 Million of Preference Shares
April 02 2012 - 8:43AM
Marketwired
E-L Financial Corporation Limited (the "Corporation") (TSX:ELF)
announced today the completion of its previously-announced sale to
a syndicate of underwriters, co-led by Scotia Capital Inc. and TD
Securities Inc., of 4,000,000 Non-Cumulative Redeemable First
Preference Shares, Series 3 for sale to the public at a price of
$25.00 per share and paying fixed non-cumulative quarterly
dividends that will yield 5.50% per annum. The gross proceeds of
$100,000,000, less the expenses of the offering, will be added to
the Corporation's capital base to supplement the Corporation's
financial resources and used for general corporate purposes. The
First Preference Shares, Series 3 will be posted for trading on the
Toronto Stock Exchange ("TSX") under the symbol ELF.PR.H.
The First Preference Shares, Series 3 will rank in priority to
the common shares and the Series A Preference Shares of the
Corporation, with respect to the payment of dividends and with
respect to the distribution of assets on the dissolution,
liquidation or winding up of the Corporation. On and after April
17, 2017, the Corporation may, subject to TSX approval, convert all
or any part of the outstanding First Preference Shares, Series 3
into freely tradeable common shares of the Corporation. The First
Preference Shares, Series 3 are also redeemable at the option of
the Corporation on and after April 17, 2017.
Contacts: E-L Financial Corporation Limited Mark M. Taylor
Executive Vice President and Chief Financial Officer (416) 947-2578
(416) 362-0792 (FAX)
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