Simpson Thacher represented the initial purchasers, led by J.P. Morgan Securities LLC, BNP Paribas Securities Corp., PNC Capital Markets LLC and RBC Capital Markets, LLC in connection with the offering by Element Fleet Management Corp. (“Element Fleet”) of US$750 million aggregate principal amount of 6.319% Senior Notes due 2028, pursuant to Rule 144A and Regulation S.
Element Fleet intends to use the net proceeds from the offering to repay all outstanding indebtedness under certain of its existing Senior Credit Facilities and use any remaining net proceeds for working capital and general corporate purposes.
Element Fleet is the largest publicly traded pure-play automotive fleet manager in the world with approximately 1.5 million client vehicles under management and operations in the U.S., Canada, Mexico and Australia and New Zealand.
The Simpson Thacher team included David Azarkh, Benjamin Heriaud, Rachel Lerman and David Turitzin (Capital Markets); Jonathan Cantor and Kris Liu (Tax); Pasco Struhs and Sara Mazurek (ECEB); Alysha Sekhon (IP); Michael Isby (Environmental); Abram Ellis and Laurel Fresquez (Regulatory); and Jennie Getsin (Blue Sky).