TORONTO, Nov. 06, 2018 (GLOBE NEWSWIRE) --
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Element Fleet Management Corp. (TSX: EFN) (“Element” or the “Company”), a leading global provider of fleet
leasing and fleet-focused business services, today announced that the underwriters have exercised in full their over-allotment
option to purchase an additional 6,825,000 common shares at a price of $6.60 per share, for aggregate gross proceeds of $45,045,000
in connection with the Company’s recently completed bought deal offering of 45,500,000 common shares (the “Offering”), which closed
on October 11, 2018.
In total, upon closing of the over-allotment option, the Company will have issued 52,325,000 common shares
pursuant to the Offering, for aggregate gross proceeds of $345,345,000. The closing of the over-allotment option will be completed
on or about November 9, 2018.
The Offering was led by CIBC Capital Markets, BMO Capital Markets and Barclays Capital Canada Inc., and included
a syndicate comprised of National Bank Financial Inc., RBC Capital Markets and TD Securities as joint bookrunners and J.P. Morgan
Securities Canada Inc., Desjardins Securities Inc., HSBC Securities (Canada) Inc., Merrill Lynch Canada Inc., MUFG Securities
(Canada), Ltd., Scotia Capital Inc., Cormark Securities Inc. and Raymond James Ltd as co-managers.
As previously announced, the Company intends to use the net proceeds of the Offering to repay existing
indebtedness owing under the Company’s senior credit facility and for general corporate purposes.
Further details concerning the Offering are set out in the Company’s prospectus supplement dated October 3,
2018, available on SEDAR at www.sedar.com.
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:
Scott Davidson
EVP Corporate Development
(416) 646-5686
scdavidson@elementcorp.com
Forward-looking Statements
This press 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”,
“improve”, “believe” or the negative of these terms, or other similar expressions intended to identify forward-looking statements,
including, among others, statements regarding the intended use of proceeds from the Offering. By its nature, forward-looking
information involves numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to
the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur. The
forward-looking events and circumstances discussed in this press release may not occur and could differ materially as a result of
known and unknown risk factors and uncertainties affecting Element, including risks regarding the fleet management and finance
industries, economic factors, risks related to the completion of the purchase of new portfolios or technologies or the addition of
new clients, risks related to the payment of dividends, risks relating to business integration and many other factors beyond the
control of Element. No forward-looking statement can be guaranteed and Element cannot guarantee future results, levels of activity,
performance or achievements. 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. While Element believes the material factors, expectations and assumptions reflected in the forward-looking information
and statements are reasonable, no assurance can be given that these factors, expectations and assumptions will prove to be
correct. A discussion of the material risks applicable to Element can be found in Element's current MD&A, and Annual
Information Form, as well as the prospectus supplement filed in connection with the Offering, all of which have been be filed on
SEDAR and can be accessed at www.sedar.com. Except as required by applicable securities laws, forward-looking statements speak only
as of the date on which they are made and Element disclaims any intention and assumes no obligation to publicly update or revise
any forward-looking statement, whether as a result of new information, future events, or otherwise.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the
securities in the United States. The securities have not been and will not be registered under the United States Securities Act of
1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States
or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such
registration is available.
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