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Element Fleet Issues $1B of ABS Term Notes Through Chesapeake II

April 18, 2018, 07:01 AM
Filed Under: Industry News

Element Fleet Management Corp. announced it has completed the issuance of $1 billion of rated term notes through Chesapeake Funding II LLC.

The offering was Element’s first Chesapeake II issuance of the year and enjoyed strong demand that allowed the company to increase the offering size while achieving attractive pricing spreads that were consistent with the previous year’s offerings. As with prior transactions, participation in the issuance consisted of numerous repeat investors as well as investors new to the company.

“We are pleased with the success of the offering which reflects our position as the largest and most frequent issuer of fleet ABS, the strength of our Chesapeake II platform and the high quality of our asset base,” said Karen Martin, Executive Vice President and Treasurer. “We appreciate the continued support from our repeat ABS purchasers in addition to first-time participants in the platform.”

“The success of this latest ABS issuance, along with Element’s strong investment grade credit ratings, speaks to the strength and stability of our core fleet business and funding programs and demonstrates our continued solid access to capital,” said Dan Jauernig, Acting Chief Executive Officer.

BofA Merrill Lynch, BNP Paribas, Mizuho Securities and TD Securities acted as joint bookrunners for the term note transaction together with HSBC and National Bank of Canada Financial Markets as Co-Managers.

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