Element Financial Corporation closes $585 million senior revolving credit facility
TORONTO--Element Financial Corporation, one of North America's leading independent equipment finance companies, announced that it has closed a new $585 million senior revolving credit facility to fund the Company's planned origination activity into 2014.
The facility, which includes a $150 million accordion and has an initial term of three years, allows Element to borrow in either Canadian or US dollars and is incremental to the Company's other funding arrangements. The lending institutions participating in the facility include Bank of Montreal, Barclays, CIBC, Credit Suisse, National Bank, PNC Bank, RBC, Sun Trust and TD Bank with Bank of Montreal acting as Administrative Agent.
"The addition of this senior credit facility further expands and diversifies our capital structure while providing additional funding capacity across our numerous verticals and across North America," said Steven K. Hudson, Element's Chairman and CEO. "I believe we are now in a position to begin leveraging our balance sheet with transformational acquisitions that add both sector scope and origination scale to Element's position as a leading provider of equipment financing in North America," added Mr. Hudson.
With total assets of approximately $2.5 billion, Element Financial Corporation is one of North America's leading independent equipment finance companies. Element operates across North America in three verticals of the equipment finance market - Element Capital provides large ticket equipment financing, Element Finance serves the mid-ticket equipment finance market and Element Fleet provides vehicle fleet leasing and management solutions.