Element Fleet Management Corp (OTCMKTS:ELEEF) Stock In Focus After Recent Development
Element Fleet Management Corp (OTCMKTS:ELEEF) is the biggest automotive fleet management company in the world and yesterday the company came up with a major new announcement. The company announced the issuance of its United States vehicle management asset backed term notes.
Trading Data
On Tuesday, ELEEF stock decreased 0.63% to $12.56 with more than 14.01K shares, compared to its average volume of 18.54K shares. The stock moved within a range of $12.56 – 12.66 after opening trade at $12.66.
Element Demonstrates Ready Access to Cost-Effective Capital
In addition to that, it also announced its United States syndication volume for the first quarter of 2023 and also announced that it had expanded its two senior unsecured revolving credit facilities in the first quarter of 2023. Yesterday the company announced that it had issued $750 million worth of vehicle management asset backed term notes to a large number of institutional investors.
The offering made by the company was its first one for the year and had generated strong demand from investors. That had allowed Element Fleet Management Corp to raise the size of the offering from $500 million with improved pricing.
The company’s business model was also expanded in the first quarter through the syndication of $690 million worth of United States assets and that included $371 million in the last two weeks of March, even though a banking crisis had been going on at the time. It remains to be seen how the stock performs over the coming days.
