TORONTO, April 17, 2018 (GLOBE NEWSWIRE) -- Element Fleet Management Corp. (TSX:EFN) (“Element” or the
“Company”), a global leader in fleet management services, today announced that it has completed the issuance of US$1 billion of
rated term notes through Chesapeake Funding II LLC (“Chesapeake II”).
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,” added Ms. Martin.
“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.
About Element Fleet Management Corp.
Element Fleet Management (TSX:EFN) is a leading global fleet management company,
providing world-class management services and financing for commercial vehicle and equipment fleets. Element's suite
of fleet management services span the total fleet lifecycle, from acquisition and financing to program management and
remarketing – helping customers optimize performance and improve productivity. For more information, visit www.elementfleet.com.
Contact:
This release includes forward-looking statements regarding Element. Such statements are based on the current
expectations and views of future events of the Company’s business. 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, including, but not limited to the Company’s ABS issuances, funding platform, and
access to capital, may not occur and could differ materially as a result of known and unknown risk factors and uncertainties
affecting Element, including risks regarding economic and industry factors and many other factors beyond the control of 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 statements and information. These and other risks and uncertainties, as well as other information
related to the Company, are discussed in the Company’s various public filings available on SEDAR and can be accessed at
www.sedar.com. 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 the Company does not undertake any obligation to publicly update or
revise any forward-looking statement, whether as a result of new information, future events, or otherwise.