Ratings assigned to Element Equipment Finance Notes expected to enable
more efficient processing and funding of aircraft financing
transactions
TORONTO, Sept. 30, 2013 /CNW/ - Element Financial Corporation (TSX: EFN)
("Element" or the "Company"), one of North America's leading
independent equipment finance companies, today announced that the
company's aviation finance business unit, acting as lessor, lender or
lead arranger, has successfully leased or financed more than 100
aircraft since the inception of this business unit in the first quarter
of 2012.
"With the completion of transactions booked in the current quarter, in
just over eighteen months our aviation finance team will have financed,
leased or arranged financing on more than100 aircraft for the North
American civil aviation market," noted Tony Bergeron who heads the
Company's aviation finance team as President of Element Capital. "We
were able to quickly reach this milestone because our team of
experienced professionals understands the importance of delivering
timely and tailored financing solutions to the clients we serve in this
market," added Mr. Bergeron.
Element's success in rapidly penetrating this market has been
underpinned by two unique strengths - the Company's deep relationships
with Original Equipment Manufacturers (OEMs) in the aerospace industry
together with the long-term partnerships that Element has established
with the syndication, securitization and investment partners that
participate in the Company's various funding programs and structures.
On September 17, 2013, the Company received confirmation of ratings from
Standard & Poor's on its $400 million Variable-Rate Equipment
Contract-Backed Notes Series 2013-B. The Notes are backed by loans and
leases associated with fixed wing aircraft, helicopters and flight
simulation systems originated by the Company's aviation finance
business unit.
"Over the last year, we've seen Element Capital's potential transaction
pipeline grow to more than $2 billion," noted Steven K. Hudson,
Element's Chairman and CEO. "Based on the strong organic demand for
equipment in this industry together with the added funding capacity
that is available to us through these rated notes, we anticipate
accelerating the transaction flow from the aviation finance team in the
coming quarters as they continue to engage this efficient funding
structure to support the equipment financing needs of a growing number
of civil aviation customers," added Mr. Hudson.
About Element
With total assets of approximately $2.5 billion, Element Financial
Corporation is one of North America's leading independent equipment
finance companies. Element operates across North America in three
verticals of the equipment finance market - Element Capital provides
large ticket equipment leasing, Element Finance serves the mid-ticket
equipment finance market and Element Fleet provides vehicle fleet
leasing and management solutions.
This release includes forward-looking statements regarding Element and
its business. Such statements are based on the current expectations and
views of future events of Element's management. In some cases the
forward-looking statements can be identified by words or phrases such
as "may", "will", "expect", "plan", "anticipate", "intend",
"potential", "estimate", "believe" or the negative of these terms, or
other similar expressions intended to identify forward-looking
statements. The forward-looking events and circumstances discussed in
this release, may not occur and could differ materially as a result of
known and unknown risk factors and uncertainties affecting the
company. No forward-looking statement can be guaranteed.
Forward-looking statements and information by their nature are based on
assumptions and involve known and unknown risks, uncertainties and
other factors which may cause our actual results, performance or
achievements, or industry results, to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statement or information. Accordingly, readers
should not place undue reliance on any forward-looking statements or
information. Except as required by applicable securities laws,
forward-looking statements speak only as of the date on which they are
made and Element undertakes no obligation to publicly update or revise
any forward-looking statement, whether as a result of new information,
future events, or otherwise.
SOURCE Element Financial Corporation
