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Element Financial Corp. 4.25% Convertible Debenture New Issue

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Element Financial Corp. (EFN) is issuing $150M of 4.25% convertible unsecured subordinated debentures, at a with an interest rate of 4.25% maturing on Jun-30-2024. The conversion price is $12.05, 44% premium to the current common share priced.

The debentures are not redeemable by the issuer prior to Jun-30-2022. From Jun-30- 2022 and prior to Jun-30-2023, the debentures may be redeemed at $100 provided the average price of the common shares is not less than 125% of the conversion price. After Jun-30-2023 and prior to maturity they may be redeemed at par. in whole or in part from time to time at the Company's option at a price equal to the principal amount thereof plus accrued and unpaid interest thereon.

The proceeds will be using in part to fund the $345M maturing convertible debenture ENF.DB. This is a 5.25% debentures maturing Jun-30-2019

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