ECN Capital Announces Closing of C$75 Million Offering of 6.50% Convertible Senior Unsecured Debentures

ECN Capital Announces Closing of C$75 Million Offering of 6.50% Convertible Senior Unsecured Debentures

Benzinga
March 19, 2025

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TORONTO, March 19, 2025 (GLOBE NEWSWIRE) -- ECN Capital Corp. (TSX:ECN) ("ECN Capital") today announced that it has closed the previously announced offering (the "Offering") of C$75 million aggregate principal amount of convertible senior unsecured debentures due April 30, 2030 (the "Debentures"). The Offering was conducted by a syndicate of underwriters co-led by CIBC Capital Markets, National Bank Financial Markets, BMO Capital Markets and RBC Capital Markets, and including Raymond James Ltd., TD Securities Inc., Canaccord Genuity Corp. and Cormark Securities Inc. (collectively, the "Underwriters"). ECN Capital has also granted the Underwriters an option to purchase up to an additional C$11.25 million aggregate principal amount of Debentures, on the same terms and conditions, exercisable in whole or in part, for a period of 30 days following closing of the Offering.

The Debentures bear interest at a rate of 6.50% per annum, payable semi-annually in arrears on April 30 and October 31 of each year, with the first interest payment on October 31, 2025. The Debentures are convertible at the option of the holder into common shares of the Company ("Common Shares") at an initial conversion price of C$3.77 per Common Share, being a conversion ratio of approximately 265.2520 Common Shares for each C$1,000 principal amount of Debentures, subject to adjustment in certain circumstances. The Debentures will mature on April 30, 2030.

The Debentures will commence trading today on the Toronto Stock Exchange ("TSX") under the symbol "ECN.DB.C". Further details concerning the Offering are set out in ECN Capital's prospectus supplement dated March 14, 2025, which is available on ECN Capital's profile on SEDAR+ at www.sedarplus.com.

ECN Capital intends to use the net proceeds of the Offering to redeem all of its outstanding 6.00% senior unsecured debentures due December 31, 2025 (the "2025 Debentures"), on April 25, 2025 (the "Redemption Date"). Notice of the redemption will be delivered to the ...

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