Element finances more than 100 aircraft in 18 months
TORONTO--Element Financial Corporation's aviation finance business unit, acting as lessor, lender or lead arranger, has successfully leased or financed more than 100 aircraft since the inception of this business unit in the first quarter of 2012.
"With the completion of transactions booked in the current quarter, in just over eighteen months our aviation finance team will have financed, leased or arranged financing on more than100 aircraft for the North American civil aviation market," noted Tony Bergeron who heads the Company's aviation finance team as President of Element Capital. "We were able to quickly reach this milestone because our team of experienced professionals understands the importance of delivering timely and tailored financing solutions to the clients we serve in this market," added Mr. Bergeron.
Element's success in rapidly penetrating this market has been underpinned by two unique strengths - the Company's deep relationships with Original Equipment Manufacturers (OEMs) in the aerospace industry together with the long-term partnerships that Element has established with the syndication, securitization and investment partners that participate in the Company's various funding programs and structures.
On September 17, 2013, the Company received confirmation of ratings from Standard & Poor's on its $400 million Variable-Rate Equipment Contract-Backed Notes Series 2013-B. The Notes are backed by loans and leases associated with fixed wing aircraft, helicopters and flight simulation systems originated by the Company's aviation finance business unit.
"Over the last year, we've seen Element Capital's potential transaction pipeline grow to more than $2 billion," noted Steven K. Hudson, Element's Chairman and CEO. "Based on the strong organic demand for equipment in this industry together with the added funding capacity that is available to us through these rated notes, we anticipate accelerating the transaction flow from the aviation finance team in the coming quarters as they continue to engage this efficient funding structure to support the equipment financing needs of a growing number of civil aviation customers," 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 leasing, Element Finance serves the mid-ticket equipment finance market and Element Fleet provides vehicle fleet leasing and management solutions.