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FINWIRES

Element Fleet Management Completes Equity Residual Transaction

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Element Fleet Management (EFN.TO) completed a C$670 million asset-backed security note offering and the sale of corresponding equity residuals backed by a portfolio of U.S. fleet lease receivables.

The transactions provide Element with additional off-balance sheet funding, helping reduce leverage while diversifying its funding profile, the pure play automotive fleet manager said Friday.

Following the transaction, Element expects its debt-to-capital ratio to decline to 74.9% from 76.4% recorded in the first quarter.

"This transaction represents an important evolution in our funding strategy, providing another tool to support the company's growth while enhancing our ability to serve clients," said Marc St-Onge, Element's senior vice president and treasurer.

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