Element Financial acquires second helicopter lease portfolio

Element Financial acquires second helicopter lease portfolio

10-Dec-2013 Source: Element Financial

Element Financial Corporation (TSX: EFN) (“Element” or “the Company”), one of North America’s leading equipment finance companies, today announced that it has signed a definitive agreement with a subsidiary of GE Capital in the US to acquire a portfolio of finance assets secured by individual helicopters operated by a diversified base of customers across a variety of industries for a purchase price of approximately US$ 245 million.

The portfolio purchase gives Element a very broad and diversified base on which to build its position as a leading financial partner serving the North America commercial helicopter market. The acquired portfolio of assets consists of 59 individual helicopters operated by more than a dozen customers in various commercial lift applications including oil and gas resource development and medevac services. The portfolio has no history of losses and has a credit profile that is in alignment with Element’s existing book of aviation financings.

The demand for commercial helicopters in North America is principally driven by applications in the oil and gas industry and for emergency response services (medevac, police and fire suppression).

The transaction is expected to close on or before December 31, 2013 subject to customary conditions precedent.

[Editor note – the “first block” is noted in this story from last month – Element Financial Corp to acquire US helicopter portfolio – and while we note the two blocks are very similar size and value, they would appear to be separate “signing” announcements]

About Element Financial Corporation

With total assets of approximately $2.7 billion, Element Financial Corporation is one of North America’s leading equipment finance companies. Element operates across North America in three verticals of the equipment finance market – Element Capital provides large ticket equipment financing, Element Finance serves the mid-ticket equipment finance market and Element Fleet provides vehicle fleet leasing and management solutions.

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