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Element Raising $1.1B In PHH Fleet Acquisition

June 02, 2014

The Canadian equipment financier acquiring PHH Arval is raising $1.1 billion to close a deal it says will fuel ambitious expansion plans in the North American fleet management market.

As part of the deal, Element Financial Corp. is using deal financing of $750 million in subscription receipts, $250 million in extendible convertible debentures, and $100 million in cumulative five-year rate reset preferred shares.

Element Financial has amended and restated its revolving credit facility, giving the Toronto-based company access to $1 billion in loans. Element has secured a bridge loan of $1.36 billion from the Bank of Montreal to complete the deal by July 31.

Read Element's full release here.

Related:

PHH Sells Fleet Management Unit for $1.4B

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