Element Fleet Management Corp - New Issue - Minimum Guarantee Rate Reset Preferred Share New Issue
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Element Fleet Management Corp.(EFN) is issuing $100M of 5.75% Minimum Rate Reset Cumulative Preferred Shares. The first dividend reset date is Jun-30-2022 at which time the Annual Fixed Dividend Rate will be equal to the 5-Year Government of Canada Bond Yield plus 4.64%, provided that, in any event, such rate shall not be less than 5.75%.
On Jun-30-2022 and on Jun-30 every five years thereafter, the holders will have the right to elect to convert into an equal number Cumulative Floating Rate Preferred shares with a Floating Quarterly Dividend Rate for a quarter equal to the 3-month Government of Canada Treasury Bill Rate plus 4.64%.
The new issue is expected to open above $25 and is recommended.
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