ECN Capital Corp. Announces Closing of $11.25 Million Offering of 6.00% Senior Unsecured Debentures Pursuant to Over-Allotment Option
November 05, 2021 at 09:14 am EDT
ECN Capital Corp. announced that, further to its previously announced closing of the offering (the ?Offering?) of $75 million aggregate principal amount of senior unsecured debentures due December 31, 2026 (the ?Debentures?), the syndicate of underwriters co-led by BMO Capital Markets, CIBC Capital Markets, National Bank Financial Inc. and RBC Capital Markets, and including TD Securities Inc., Raymond James Ltd., Cormark Securities Inc. and Stifel GMP (collectively, the ?Underwriters?) have exercised their over-allotment option (the ?Over-Allotment Option?) in full and have purchased an additional $11.25 million aggregate principal amount of Debentures (the ?Additional Debentures?) on the same terms and conditions as the Offering. The additional gross proceeds of $11.25 million from the exercise of the Over-Allotment Option brings the total gross proceeds raised from the Offering to $86.25 million. As previously announced, ECN Capital intends to use the net proceeds from the Offering to redeem or repay outstanding securities and/or indebtedness and for general corporate purposes.