BRIEF-China Merchants Securities says listing of 2017 4th tranche perpetual subordinated bonds on June 28
* Says listing of 2017 4th tranche perpetual subordinated bonds on June 28 with coupon rate of 5.58 percent and maturity date of June 19, 2022
(Adds deal details, background)
Feb 21 Canada's ECN Capital Corp said on Tuesday it would sell its U.S. commercial and vendor finance business to PNC Financial Services Group for about $1.25 billion in cash.
ECN Capital, which was spun out of Element Financial Corp last year, said the deal includes assets worth about $1.08 billion.
Pittsburgh, Pennsylvania-based PNC expects the deal to modestly add to its earnings this year. The transaction is expected to close in the second quarter.
ECN's $220 million deal with Infor, a special purpose acquisition company, fell apart last year due to opposition from Infor shareholders.
Citigroup Global Markets Inc was the financial adviser to PNC and Wachtell, Lipton, Rosen & Katz its legal adviser.
Macquarie Capital was ECN Capital's lead financial adviser, while Morgan Stanley and BMO Capital Markets assisted it. (Reporting by John Benny in Bengaluru; Editing by Saumyadeb Chakrabarty and Maju Samuel)
* PURCHASE PRICE IS SEK 639 MILLION Source text for Eikon: Further company coverage: (Gdynia Newsroom)