CIBC, BMO, Barclays Lead $300.3MM Element Fleet Share Offering



Element Fleet Management, a global provider of fleet leasing and fleet-focused business services, closed its offering of 45,500,000 common shares at a price of $6.60 per share for an aggregate gross proceed of $300.3 million.

CIBC Capital Markets, BMO Capital Markets and Barclays Capital Canada led the offering. A syndicate comprised of National Bank Financial, RBC Capital Markets and TD Securities acted as joint bookrunners on transaction, while J.P. Morgan Securities Canada, Desjardins Securities, HSBC Securities, Merrill Lynch Canada, MUFG Securities, Scotia Capital, Cormark Securities and Raymond James acted as co-managers.

Element intends to use the net proceeds of the offering to repay existing indebtedness owing under its 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 its business. The plan lays out a new path 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 CEO. “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.”

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