An update from ECN Capital ( (TSE:ECN) ) is now available.
ECN Capital Corp. has successfully closed a C$75 million offering of 6.50% convertible senior unsecured debentures due in 2030. The proceeds from this offering will be used to redeem the company’s outstanding 6.00% senior unsecured debentures due December 2025. This strategic move is expected to streamline ECN Capital’s financial obligations and potentially enhance its market position by reducing debt costs. The new debentures will trade on the Toronto Stock Exchange, and the redemption of the older debentures will lead to their delisting.
More about ECN Capital
ECN Capital Corp. is a prominent provider of business services, managing assets worth US$6.9 billion. The company caters to North American banks, institutional investors, insurance companies, pension plans, banks, and credit unions. ECN Capital specializes in originating, managing, and advising on credit assets, focusing on consumer loans for manufactured housing, recreational vehicles, and marine, as well as commercial loans for floorplan and rental purposes. Their services are divided into two segments: Manufactured Housing Finance and Recreational Vehicle and Marine Finance.
YTD Price Performance: -18.07%
Average Trading Volume: 196,557
Technical Sentiment Consensus Rating: Hold
Current Market Cap: C$739.4M
For a thorough assessment of ECN stock, go to TipRanks’ Stock Analysis page.