Managing the Financial Side of Commercial Fleets

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.


PHH Sells Fleet Management Unit for $1.4B

Twitter Facebook Google+


Please note that comments may be moderated. 
Leave this field empty:

Fleet Incentives

Determine the actual cost of owning and running a vehicle in your fleet. Compare vehicles by class and model.


Fuel Management

Bernie Kanavagh from WEX will answer your questions and challenges

View All


Fleet Tracking And Telematics

Todd Ewing from Verizon Connect will answer your questions and challenges

View All


Fleet Management And Leasing

Jack Firriolo from Merchants will answer your questions and challenges

View All


Sponsored by

Tim Hoffman was 3M's manager of employee transportation and travel services.

Read more

Up Next

More From The World's Largest Fleet Publisher