Simpson Thacher Represents Initial Purchasers in Inaugural U.S. Senior Notes Offering by Element Fleet Management
06.02.20
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Simpson Thacher represented the initial purchasers, led by J.P. Morgan Securities LLC, in connection with the inaugural U.S. Senior Notes offering by Element Fleet Management Corp. (TSX: EFN) (“Element”) of US$400 million aggregate principal amount of 3.85% Senior Notes due 2025, pursuant to Rule 144A and Regulation S.
Element intends to use the net proceeds from the offering, together with borrowings under its senior credit facility and/or cash on hand, to repay its debentures due 2020 at maturity on June 30, 2020. Pending such ultimate application, Element intends to apply all of the net proceeds from the offering to temporarily reduce borrowings under its senior credit facility.
Element is a leading global fleet management company, providing best-in-class services and financing solutions for commercial vehicle fleets.
The Simpson Thacher team included Art Robinson, David Azarkh and Kirsten A. Harmon (Capital Markets); Jonathan Cantor and Suzy Yaster (Tax); Jennifer Neilsson (Executive Compensation and Employee Benefits); Lori Lesser and Alysha Sekhon (Intellectual Property); Michael Isby (Environmental); and Jennie Getsin (Blue Sky).