By Wendy Van Sickle
Columbus, Ohio, March 4 – Element Fleet Management Corp. sold a $750 million offering of 5.643% three-year senior notes (BBB/BBB+) on Monday, according to a news release.
The notes priced with a spread of 125 basis points to Treasuries. Initial talk was in the 150 bps area.
BofA Securities, BMO, MUFG, Scotia and TD Securities were the bookrunners.
Proceeds will be used for working capital and general corporate purposes, which may include the repayment of existing debt.
Element Fleet Management is a Toronto-based fleet management and equipment finance company.
| Issuer: | Element Fleet Management Corp.
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| Amount: | $750 million
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| Issue: | Senior notes
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| Maturity: | March 13, 2027
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| Bookrunners: | BofA Securities, BMO, MUFG, Scotia and TD Securities
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| Coupon: | 5.643%
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| Spread: | Treasuries plus 125 bps
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| Trade date: | March 4
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| Settlement date: | March 13
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| Ratings: | S&P: BBB
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| Fitch: BBB+
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | Treasuries plus 150 bps area
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