Business
Element Financial Corporation closes $585 million senior revolving credit facility
TORONTO , Sept. 4, 2013 /CNW/ - Element Financial Corporation (TSX:EFN) ("Element" or "t...
About this update from Element Fleet Management Corporation
[{"type":"text","content":"\n\n\nTORONTO, Sept. 4, 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 closed a new $585 million senior revolving credit facility to fund the\n Company's planned origination activity into 2014.\n\n\nThe facility, which includes a $150 million accordion and has an initial\n term of three years, allows Element to borrow in either Canadian or US\n dollars and is incremental to the Company's other funding\n arrangements.  The lending institutions participating in the facility\n include Bank of Montreal, Barclays, CIBC, Credit Suisse, National Bank,\n PNC Bank, RBC, Sun Trust and TD Bank with Bank of Montreal acting as\n Administrative Agent.\n\n\n\"The addition of this senior credit facility further expands and\n diversifies our capital structure while providing additional funding\n capacity across our numerous verticals and across North America,\" said\n Steven K. Hudson, Element's Chairman and CEO. \"I believe we are now in\n a position to begin leveraging our balance sheet with transformational\n acquisitions that add both sector scope and origination scale to\n Element's position as a leading provider of equipment financing in\n North America,\" added Mr. Hudson.\n\n\nAbout Element Financial Corporation\n\n\nWith total assets of approximately $2.5 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 financing, Element Finance serves the mid-ticket\n equipment finance market and Element Fleet provides vehicle fleet\n leasing and 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 fo...