Element Financial Closes $600MM Credit Facility
Element Financial said it has closed its previously announced new $600 million committed debt facility, established to provide bridge financing for railcar leases originated through its strategic alliance with Trinity Industries.
Element Financial announced that it has closed its previously announced new US$600 million committed debt facility, underwritten by BMO Capital Markets and a syndicate of financial institutions that includes the participants in the company’s senior secured credit facility. This facility was established to provide bridge financing for railcar leases originated through Element’s recently announced strategic alliance with Trinity Industries while the company develops an asset-backed securitization structure to permanently fund originated railcar leases under this alliance.
“This new credit facility, together with the more than $560 million of additional equity capital raised through our most recent offering of common and preferred shares, provides Element with a broadly-based and diversified capital structure to fund our expected near term growth in finance assets,” said Steven K. Hudson, Element’s chairman and chief executive officer.