Business
Element Financial Closes New US$600 Million Credit Facility
TORONTO , Dec. 19, 2013 /CNW/ - Element Financial Corporation (TSX:EFN) ("Element" or th...
About this update from Element Fleet Management Corporation
[{"type":"text","content":"\n\n\nTORONTO, Dec. 19, 2013 /CNW/ - Element Financial Corporation (TSX:EFN)\n (\"Element\" or the \"Company\"), one of North America's leading equipment\n finance companies, today announced that it has closed its previously\n announced new US$600 million committed debt facility, underwritten by\n BMO Capital Markets and a syndicate of financial institutions that\n includes the participants in the Company's Senior Secured Credit\n Facility. This facility was established to provide bridge financing for\n railcar leases originated through Element's recently announced\n strategic alliance with Trinity Industries Inc. while the Company\n develops an asset backed securitization structure to permanently fund\n originated railcar leases under this alliance.\n\n\n\"This new credit facility, together with the more than $560 million of\n additional equity capital raised through our most recent offering of\n common and preferred shares, provides Element with a broadly-based and\n diversified capital structure to fund our expected near term growth in\n finance assets,\" said Steven K. Hudson, Element's Chairman and Chief\n Executive Officer.\n\n\nAbout Element Financial Corporation\n\n\nWith total assets of approximately $3.3 billion, Element Financial\n Corporation is one of North America's leading equipment finance\n companies. Element operates across North America in three verticals of\n the equipment finance market - Element Capital provides large ticket\n equipment financing, Element Finance serves the mid-ticket equipment\n finance market and Element Fleet provides vehicle fleet leasing and\n management solutions.\n\n\nForward Looking Statements\n\n\nThis release includes forward-looking statements regarding Element and\n its business.  Such statements are based on the current expectations\n and 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\", \"expect\", \"plan\", \"anticipate\", \"intend\",\n \"potential\", \"estimate\", \"believe\" or the negative of these terms, or\n other similar expressions intended to identify forward-looking\n statements.  Forward-looking statements in this release include\n references to expected railcar financings and the use of proceeds from\n the new debt facility.  The forw...