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.