Element Fleet Management Corp. announced that it has agreed to sell USD 750 million aggregate principal amount of 6.319% Senior Notes due 2028 (the "Notes") in a private offering that will not be registered under the Securities Act of 1933, as amended (the "Securities Act"). The net proceeds from the offering are expected to be used to repay all of Element's outstanding indebtedness under its existing bilateral term loan facilities with Bank of Montreal and Canadian Imperial Bank of Commerce and pay related fees and expenses and for working capital and general corporate purposes.

The offering is expected to close on December 4, 2023, subject to customary closing conditions.