By Cristal Cody
Tupelo, Miss., May 28 – Element Fleet Management Corp. priced $400 million of 3.85% five-year senior notes (BBB/BBB+) on Thursday at a Treasuries plus 350 basis points spread, according to a market source.
The notes were initially talked to print in the 375 bps spread area.
J.P. Morgan Securities LLC and RBC Capital Markets, LLC were the bookrunners of the Rule 144A and Regulation S offering.
The company held fixed income investor calls on Tuesday.
Proceeds will be used to repay outstanding debt.
Element Fleet Management is a Toronto-based fleet management and equipment finance company.
| Issuer: | Element Financial Corp.
|
| Amount: | $400 million
|
| Description: | Senior notes
|
| Maturity: | June 15, 2025
|
| Bookrunners: | J.P. Morgan Securities LLC and RBC Capital Markets, LLC
|
| Coupon: | 3.85%
|
| Spread: | Treasuries plus 350 bps
|
| Trade date: | May 28
|
| Ratings: | S&P: BBB
|
| Fitch: BBB+
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Fixed income investor calls
|
| Price talk: | Treasuries plus 375 bps area
|
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