Custom Fleet secured the facility via commercial fleet leases and their underlying vehicles, which will support fleet customers and expand its market share in Australia.  -  Photo via  freeaussiestock.com

Custom Fleet secured the facility via commercial fleet leases and their underlying vehicles, which will support fleet customers and expand its market share in Australia.

Photo via freeaussiestock.com

Element Fleet Management’s Australian subsidiary has secured a $1 billion borrowing facility which will provide funding to facilitate continued growth of its business.

Custom Fleet secured the facility via commercial fleet leases and their underlying vehicles, which will support fleet customers and expand its market share in Australia, according to Element Fleet management.

The facility includes a two-year revolving period followed by an amortization period. Commitments for the facility came from five financial institutions including BofAML, J.P. Morgan and Westpac Banking Corporation as senior lenders.

The facility provides Custom Fleet with a flexible, local currency funding platform from which it can continue to expand while concurrently augmenting Element’s global strategy of match-funding assets, according to the company.

About the author
Staff Writer

Staff Writer

Editorial

Our team of enterprising editors brings years of experience covering the fleet industry. We offer a deep understanding of trends and the ever-evolving landscapes we cover in fleet, trucking, and transportation.  

View Bio
0 Comments