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Element Fleet Management subsidiary closes A$1B securitization facility

Element Fleet Management Corp. subsidiary Custom Fleet closed an about A$1 billion asset-backed funding facility secured by commercial fleet leases and their underlying vehicles.

The facility is expected to enhance Custom Fleet's ability to support its customers and expand its market in the Australian market. It includes a two-year revolving period followed by an amortization period.

Commitments came from five financial institutions including Bank of America Merrill Lynch, J.P. Morgan and Westpac Banking Corp. as senior lenders.

Custom Fleet is a fleet finance and management company in Australia and New Zealand.