Element Fleet Management Corp. closed the issuance of $1.2 billion of rated term notes through Chesapeake Funding II LLC.

The company doubled the offering's initial launch size and the term notes' pricing spreads "significantly narrowed" compared to the 2016 ABS transactions because of strong demand for the notes, according to a news release.

Participation in the issuance expanded to include a certain percentage of new investors and to fleet lease ABS.

Bank of America Merrill Lynch, Credit Agricole Securities MUFG and Mizuho Securities acted as the joint bookrunners for the transaction. HSBC and PNC Capital Markets LLC were the transaction's co-managers.