![]() 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 Very corrupt people with no morals and no hearts.Net after-tax proceeds of C$7.50 per share to be distributed to common shareholders My hours were constantly changing, and they had no qualms about firing me when my dad was dying in the hospital the day after New Year's. I once had a fellow employee threaten to beat me up, and yet they were never disciplined for a blatant threat to my safety. The company is a sham, and there is extreme favoritism. I also trained multiple employees prior to my termination, which was a thankless job. When I asked why I was terminated, I was never told why (probably not for kissing up to the right people), even though I had never called out, never taken a sick day, never taken a vacation, and the one time I did request a day off, I was told that I should have requested a month in advance (I requested the day off two weeks in advance). While they had cameras in the office, the matter of my personal items being stolen was never handled, and I was terminated while my father was dying in the hospital (which they knew). I had to work from 10 AM until 8 PM every Saturday (in addition to Monday through Friday, when I would work until 12 PM or later), and on two separate occasions, someone stole items from my desk drawer. Horrible place to work First of all, when I worked there, they had no kitchen. ![]()
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