By Aleesia Forni
Virginia Beach, March 3 – Element Financial Corp., along with subsidiaries Element Rail Leasing II LLC and Element Rail Leasing Canada LP, sold $405 million of secured portfolio railcar equipment notes, series 2015-1, on Tuesday, according to a company news release.
The deal included three classes of notes with an initial blended coupon of 3.46% and an expected weighted average life of 5.9 years.
The transaction was secured by a portfolio of 4,145 railcars.
Proceeds will be used to pay down amounts under the company’s senior credit facility.
Credit Suisse Securities (USA) LLC was the lead arranger and initial purchaser, while Barclays and Deutsche Bank Securities Inc. were additional initial purchasers.
| Issuer: | Element Financial Corp.
|
| Amount: | $405 million
|
| Description: | Secured portfolio railcar equipment notes, series 2015-1
|
| Expected weighted average life: | 5.9 years
|
| Lead arranger: | Credit Suisse Securities (USA) LLC
|
| Blended coupon: | 3.46%
|
| Trade date: | March 3
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