Element Fleet Management’s subsidiary. Custom Fleet, has closed an approximate AU$1 billion ($758 million) asset-backed funding facility secured by commercial fleet leases and their underlying vehicles.

The facility will enhance Custom Fleet’s ability to further support its fleet customers and continue to expand its market share in the Australian market.

The facility includes a two-year revolving period followed by an amortization period. Commitments for the facility came from five financial institutions including Bank of America Merrill Lynch, J.P. Morgan and Westpac Banking as senior lenders.

“We are pleased to establish this local borrowing facility which provides us with attractive funding to facilitate the continued strong growth of our business,” said Aaron Baxter, chief executive officer of Custom Fleet. “Our strong operating track record, together with Element’s proven securitization expertise across its markets, contributed to the success of this transaction.”

“The launch of this facility provides Custom Fleet with a flexible, local currency funding platform from which it can continue to expand while concurrently augmenting Element’s global strategy of match-funding assets,” said Karen Martin, Element’s EVP and treasurer. “We appreciate the ongoing support of the lenders, both to this facility as well as our broader group of global lending partners,” added Martin.

Custom Fleet, part of Element Fleet Management, is fleet finance and management company based in Australia and New Zealand.