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Element Fleet Management Corp
Symbol EFN
Shares Issued 437,682,397
Close 2020-05-28 C$ 9.70
Recent Sedar Documents

Element Fleet prices $400M (U.S.) note offering

2020-05-28 17:19 ET - News Release

Mr. Michael Barrett reports

ELEMENT ANNOUNCES PRICING OF PRIVATE OFFERING OF SENIOR NOTES

Element Fleet Management Corp. has agreed to sell $400-million (U.S.) aggregate principal amount of 3.85 per cent senior notes due 2025 in a private offering that will not be registered under the Securities Act of 1933, as amended. The notes will mature on June 15, 2025.

The net proceeds from the offering, together with borrowings under the company's senior credit facility and/or cash on hand, are expected to be used to repay Element's 4.25 per cent convertible debentures at maturity on June 30, 2020. Pending such ultimate application, the net proceeds from the offering are expected to be applied to temporarily reduce borrowings under such senior credit facility.

The offering is expected to close on June 2, 2020, subject to customary closing conditions.

About Element Fleet Management Corp.

Element Fleet Management is a leading global fleet management company, providing world-class services and financing for commercial vehicle fleets. The company enjoys scale and leadership in key markets, a top-tier client base, strong cash flow and ready access to capital, and an investment-grade balance sheet. Element's suite of services spans the total fleet life cycle from acquisition and financing to program management and remarketing, helping clients optimize performance and improve productivity.

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