TORONTO, ONTARIO--(Marketwired - March 27, 2014) - Element Financial Corporation (TSX:EFN) ("Element" or the "Company"), one of North America's leading equipment finance companies, announced today that it has closed its third railcar lease portfolio with the purchase of a further US$118 million worth of leased railcars from Dallas-based Trinity Industries, the leading railcar manufacturer in North America.
Since December of last year, Element has funded a total of US$619 million of leased railcars as part of a vendor finance program with Trinity Industries under which Element expects to provide lease financing for up to US$2 billion worth of railcars over a two year period.
Including the current transaction, Element's current US$619 million leased railcar portfolio is consistent with the diversification criteria established by Element further to the vendor finance agreement it entered into with Trinity last December and aligns the portfolio with similar investment-grade rated railcar lease portfolios funded last year in the asset-backed security market.
About Element Financial Corporation
With total assets in excess of $4 billion, Element Financial Corporation is one of North America's leading equipment finance companies. Element operates across North America in five verticals of the equipment finance market - Commercial Finance, Vendor Finance, Aviation Finance, Railcar Finance and Fleet Management.
Forward Looking Statements
This release includes forward-looking statements regarding Element and its business. Such statements are based on the current expectations and views of future events of Element's management. In some cases the forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify forward-looking statements. Forward-looking statements in this release include those related to expected volumes to be originated from Element's strategic alliance with Trinity Industries. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting Element, including risks regarding the equipment finance industry, economic factors and many other factors beyond the control of Element. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. A discussion of the material risks and assumptions associated with this outlook can be found in the Company's prospectus supplements dated December 10, 2013, third quarter 2013 MD&A, and 2012 Annual Information Form, all of which have been filed on SEDAR and can be accessed at www.sedar.com. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Element undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.