Amounts in $CAD unless otherwise noted
- Element issued $USD 750 million of vehicle management asset-backed term notes today, demonstrating the Company’s ready access to the deep
U.S. fleet ABS market - Element advanced its capital-lighter business model in the first quarter of this year, syndicating
$690 million ofU.S. fleet lease receivables ($371 million in the last two weeks of March) - In January of this year, Element renewed its primary senior unsecured bank line and expanded the facility by $USD 500 million. Further, in late March, the Company extended its secondary unsecured credit line and expanded the facility by $USD 100 million
- As previously communicated, in Q4 2022, Element renewed its
U.S. variable funding notes (vehicle management asset-backed debt) throughMarch 2024 and expanded the facility by $USD 500 million
Element enjoys ready access to the deep
The Company also enjoyed continued robust demand for its fleet lease receivables throughout the first quarter from its growing list of syndication investors. Element advanced its capital-lighter business model in the quarter by syndicating
In January, Element renewed its primary multi-currency senior unsecured revolving credit facility -- which is underwritten by a syndicate of leading Canadian,
As previously communicated, in Q4 2022, Element renewed its
“As always, Element maintains ready access to ample cost-effective capital for our clients, from a diversified roster of lenders and investors across funding sources,” said
About
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”, “believe” or the negative of these terms, or other similar expressions intended to identify forward-looking statements, including, among others, statements regarding Element’s enhancements to clients’ service experience and service levels; enhancement of financial performance; improvements to client retention trends; reduction of operating expenses; increases in efficiency; EV strategy and capabilities; global EV adoption rates; redemption of the Series I Shares; dividend policy and the payment of future dividends; creation of value for all stakeholders; expectations regarding syndication; growth prospects and expected revenue growth; level of workforce engagement; improvements to magnitude and quality of earnings; executive hiring and retention; focus and discipline in investing; balance sheet management and plans to reduce leverage ratios; anticipated benefits of the balanced scorecard initiative; Element’s proposed share purchases, including the number of common shares to be repurchased, the timing thereof and TSX acceptance of the NCIB and any renewal thereof; and expectations regarding financial performance. 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 Element's 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. Such risks and uncertainties include those regarding the ongoing COVID-19 pandemic, risks regarding the fleet management and finance industries, economic factors and many other factors beyond the control of Element. A discussion of the material risks and assumptions associated with this outlook can be found in Element's annual MD&A, and Annual Information Form for the year ended
Contact:Michael Barrett Vice President, Investor Relations (416) 646-5698 mbarrett@elementcorp.com
Source:
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