Business
Element Equipment Finance Fund Sells Inaugural Tranche
TORONTO , July 3, 2013 /CNW/ - Element Financial Corporation (TSX: EFN) ("Element" or th...
About this update from Element Fleet Management Corporation
[{"type":"text","content":"\n\n\nTORONTO, July 3, 2013 /CNW/ - Element Financial Corporation (TSX: EFN)\n (\"Element\" or the \"Company\"), one of North America's leading\n independent equipment finance companies, today announced that it has\n commenced funding through the previously announced securitization\n platform, Element Equipment Finance Fund (the \"Fund\"), with the\n purchase on June 28, 2013 of US$48.5 million in unrated notes (the\n \"Notes\") by a US-based investment management firm.\n\n\nThe Notes are backed by a first priority security interest in loans and\n leases relating to fixed wing and rotary aviation equipment deployed by\n North American-based operators. The Company anticipates selling\n subsequent tranches of notes in the Fund to institutional investors\n with increasingly diversified risk/return objectives as credit agencies\n assign ratings to future notes issued by the Fund.\n\n\n\"This funding platform provides Element with an additional source of\n capital that is customized for the higher dollar value financing\n transactions originated by our large-ticket business unit - Element\n Capital,\" noted Steven K. Hudson, Element's Chairman and CEO. \"The Fund\n not only offers improved economic returns for Element from these\n transactions, but also provides us with competitive advantages over the\n more time consuming syndication structures that were typically used to\n fund the acquisition of these types of assets.\"\n\n\nGuggenheim Securities, LLC acted as Element's financial advisor and\n agent in the transaction.\n\n\nAbout Element Financial Corporation\nWith total assets of approximately C$2.4 billion, Element Financial\n Corporation is one of North America's leading independent equipment\n finance companies.  Element operates across North America in three\n verticals of the equipment finance market - Element Capital provides\n large ticket equipment leasing, Element Finance serves the mid-ticket\n equipment finance market and Element Fleet provides vehicle fleet\n leasing and management solutions.\n\n\nThis release includes forward-looking statements regarding Element and\n its business. Such statements are based on the current expectations and\n views of future events of Element's management.  In some cases the\n forward-looking statements can be identified by words or phrases such\n as \"may\", \"will\", \"expe...