E-L Financial Corporation Limited

E-L Financial Corporation Limited

October 17, 2006 09:24 ET

E-L Financial Corporation Limited Completes Offering of C$100 Million of Preference Shares

TORONTO, ONTARIO--(CCNMatthews - Oct. 17, 2006) - E-L Financial Corporation Limited (or the "Corporation")(TSX:ELF)(TSX:ELF.PR.F) announced today the completion of its previously-announced sale to a syndicate of underwriters led by RBC Capital Markets of 4,000,000 non-cumulative redeemable First Preference Shares, Series 2 (the "Preference Shares") for sale to the public at a price of C$25.00 per share and paying fixed non-cumulative quarterly dividends that will yield 4.75% per annum. The gross proceeds of $100,000,000, less the expense of the offering, will be used by the Corporation for general corporate purposes. The First Preference Shares, Series 2 will be posted for trading on the Toronto Stock Exchange under the symbol ELF.PR.G.

The First Preference Shares, Series 2 will rank in priority to the common shares and the Series A Preference Shares of the Corporation, with respect to the payment of dividends and with respect to the distribution of assets on the dissolution, liquidation or winding up of the Corporation. On and after October 17, 2011, the Corporation may, subject to stock exchange approval, convert all or any part of the outstanding First Preference Shares, Series 2 into freely tradeable common shares of the Corporation. The First Preference Shares, Series 2 are also redeemable at the option of the Corporation on and after October 17, 2011.

Contact Information

  • E-L Financial Corporation Limited
    Mark M. Taylor
    Executive Vice President and Chief Financial Officer
    (416) 947-2578
    (416) 362-0792 (FAX)