Element Financial Corporation announced that it plans to sell, on a “bought deal” basis, $1,550 million of subscription receipts (“Subscription Receipts”), $500 million aggregate principal amount of extendible convertible unsecured subordinated debentures (“Debentures”) and $150 million cumulative 5-year rate reset preferred shares, Series G of Element (“Series G Preferred Shares”).

The Company intends to use the net proceeds from the Offerings (as defined below) to fund future acquisitions.

“As we discussed on our recent first quarter conference call, the process of consolidation continues to accelerate in Element’s Fleet Management and Railcar verticals. The proceeds from this offering, together with the available leverage capacity in our capital structure, will enable us to act on acquisition opportunities that meet our criteria for accretion and value creation for our shareholders,” said Steven Hudson, Element’s Chief Executive Officer.

To read the full press release, click here.