![]() ECN Capital’s existing senior credit facility will be amended and restated so as to provide for an aggregate of US$700 million in revolving funding for a period of 4 years from the closing date of the Transaction. The Transaction is subject to standard licensing and regulatory approvals, the satisfaction of customary closing conditions and is expected to close late in the Fourth Quarter 2021.Īs a result of the Transaction Agreement that was entered into with Truist Bank, ECN Capital received fully underwritten agreements from its senior lenders for the amendment of its existing senior credit facility following the closing of the Transaction. “As with Service Finance, ECN has been able to work with both companies to meaningfully expand product menus and improve operational excellence, which will drive significant opportunities to continue to maximize shareholder value in the future.” “Going forward, ECN is well positioned to continue its success with two fantastic businesses in Triad and KG,” Mr. We believe this transaction maximizes value for ECN shareholders and puts SFC in the best position to succeed in its next phase of growth,” said Mr. Truist has been a long-time partner of SFC and is best positioned to build on the successes we’ve had over the last several years. “Service Finance has performed spectacularly since ECN’s investment in September 2017 and I want to thank Mark Berch and his entire team for their remarkable contributions. Today’s announcement to sell SFC for $2 billion marks another milestone on the road to that goal,” said Steven Hudson, CEO of ECN Capital Corp. “ECN’s primary strategic directive has been to manage and maximize investor capital in the specialty finance sector. (TSX: ECN) (“ECN Capital” or “the Company”), one of North America’s leading commercial finance companies, today announced that it has entered into a definitive agreement (the “Transaction Agreement”) with Truist Bank, the wholly owned bank subsidiary of Truist Financial Corporation (NYSE: TFC) (“Truist”) to sell all of the issued and outstanding equity interests in each of Service Finance Company, LLC and Service Finance Holdings, LLC (together “SFC”), each a wholly-owned, indirect subsidiary of the Company, for cash proceeds of US$2 billion (the ”Transaction”).įollowing the closing of the Transaction, ECN Capital intends to pay a special dividend of C$7.50 per common share or approximately US$1.5 billion from the net proceeds (after estimated taxes and transaction costs based on ECN’s current issued and outstanding common shares as of August 10, 2021), to its common shareholders. 10, 2021 (GLOBE NEWSWIRE) - ECN Capital Corp. Strong capital position will drive go-forward business Service finance company llc pro#Internal applications, then our B2B based Bizapedia Pro API™ might be the answer for you.Net after-tax proceeds of C$7.50 per share to be distributed to common shareholders If you are looking for something more than a web based search utility and need to automate company and officer searches from within your WHAT'S INCLUDED IN THE ADVANCED SEARCH FORM? Utilize our advanced search form to filter the search results by Company Name, City, State, Postal Code, Filing Jurisdiction, Entity Type, Registered Agent,įile Number, Filing Status, and Business Category. While logged in and authenticated, you will not be asked to solve any complicated Recaptcha V2 challenges. In addition, all pages on Bizapedia will be served to you completely ad freeĪnd you will be granted access to view every profile in its entirety, even if the company chooses to hide the private information on their profile from the general public. Your entire office will be able to use your search subscription. ![]()
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