By RTT News,
December 19, 2013, 02:57:00 PM EDT
(RTTNews.com) - Element Financial Corp. (EFN.TO) 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.
The company said this facility was established to provide bridge financing for railcar leases originated through Element's recently announced strategic alliance with Trinity Industries Inc. while the company develops an asset backed securitization structure to permanently fund originated railcar leases under this alliance.
Separately, the company announced that it has closed its previously announced acquisitions comprised of about US$348 million worth of helicopter and railcar finance assets from GE Capital and Trinity Industries, Inc. respectively.
Further to the December 9th announcement that Element had entered into a strategic alliance agreement with Dallas-based Trinity Industries, Inc. to provide lease financing for up to US$2 billion worth of railcars over the next two years, the company confirmed today that it has closed the acquisition of the first tranche of assets under this agreement comprised of approximately US$105 million of existing railcar assets currently under lease to a diversified Trinity customer base.
Element also confirmed that it has closed the previously announced acquisition from GE Capital of a portfolio of finance assets secured by individual helicopters for approximately US$243 million.
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