TORONTO, ONTARIO--(Marketwired - Dec 30, 2015) - Element Financial Corporation (TSX:EFN) ("Element" or the "Company"), one of North America's leading fleet management and equipment finance companies, today announced that the Company has closed the issuance of US$1.7 billion in term notes through Chesapeake Funding II LLC ("Chesapeake II").

This follows the previous issuance of US$1.5 billion in variable funding notes issued on December 16, 2015 and brings to US$3.2 billion the total amount of funding completed through Chesapeake II since its inception as the new funding platform for Element's U.S. fleet management business.

Subsequent to these issuances, the Company has un-drawn commitments of US$1.5 billion available from Chesapeake II to fund future growth in fleet assets. Interest rate spreads for both series of notes were in line with previously funded fleet ABS transactions. Proceeds from the notes will be used to repay a portion of Element's three-year term senior secured credit facility.

JP Morgan Securities LLC acted as the sole structuring agent and lead arranger for these transactions together with a syndicate of 14 lenders.

About Element Financial Corporation

With total assets in excess of $23.5 billion, Element Financial Corporation is one of North America's leading fleet management and equipment finance companies. Element operates across North America in four verticals of the equipment finance market - Fleet Management, Rail Finance, Commercial & Vendor Finance, and Aviation Finance.

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, including, among others, statements regarding the completion of additional term note issuances under the Chesapeake ABS conduit. 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 Element, including risks regarding the equipment finance industry, economic factors, risks related to completion of the proposed purchases of portfolios of finance assets, and many other factors beyond the control of Element. 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. A discussion of the material risks and assumptions associated with this outlook can be found in Element's 2014 MD&A, and 2014 Annual Information Form, all of which have been filed 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 Element undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.