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Element Issues US$1.7B of Rated ABS Notes

January 04, 2016, 07:00 AM
Filed Under: Industry News

Element Financial Corporation announced that the Company has closed the issuance of US$1.7 billion in term notes through Chesapeake Funding II LLC.

This follows the previous issuance of US$1.5 billion in variable funding notes issued on December 16, 2015 and brings to US$3.2 billion the total amount of funding completed through Chesapeake II since its inception as the new funding platform for Element’s U.S. fleet management business.

Subsequent to these issuances, the Company has un-drawn commitments of US$1.5 billion available from Chesapeake II to fund future growth in fleet assets. Interest rate spreads for both series of notes were in line with previously funded fleet ABS transactions. Proceeds from the notes will be used to repay a portion of Element’s three-year term senior secured credit facility.

JP Morgan Securities LLC acted as the sole structuring agent and lead arranger for these transactions together with a syndicate of 14 lenders.

With total assets in excess of $23.5 billion, Element Financial Corporation is one of North America’s leading fleet management and equipment finance companies. Element operates across North America in four verticals of the equipment finance market - Fleet Management, Rail Finance, Commercial & Vendor Finance, and Aviation Finance.

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