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TORONTO, Oct. 11, 2018 (GLOBE NEWSWIRE) — Element Fleet Management Corp. (TSX:EFN) (“Element” or the “Company”), a leading global provider of fleet leasing and fleet-focused business services, today announced that it has closed the previously announced offering of 45,500,000 common shares (the “Offering”) at a price of $6.60 per share for aggregate gross proceeds of $300,300,000.
The Offering was led by CIBC Capital Markets, BMO Capital Markets and Barclays Capital Canada Inc., and included a syndicate comprised of National Bank Financial Inc., RBC Capital Markets and TD Securities as joint bookrunners and J.P. Morgan Securities Canada Inc., Desjardins Securities Inc., HSBC Securities (Canada) Inc., Merrill Lynch Canada Inc., MUFG Securities (Canada), Ltd., Scotia Capital Inc., Cormark Securities Inc. and Raymond James Ltd as co-managers.
The Company intends to use the net proceeds of the Offering to repay existing indebtedness owing under the Company's senior credit facility and for general corporate purposes.
Element announced the Offering on October 1, 2018 in conjunction with a plan for a transformational reset of the Company's business. This plan lays out a new path forward for Element with a renewed focus on customers and improved productivity.
“All of us at Element are hard at work executing on our new customer-centric strategic plan,” said Jay Forbes, Element's Chief Executive Officer. “We appreciate the confidence that investors have shown in our ability to transform Element and reach the full potential of our market-leading fleet-management platform. The entire team is committed to delivering for our customers, investors and all stakeholders.”