We have acted as Irish counsel to Element Fleet Management Corp. on the establishment of a strategic funding relationship involving funds managed by Blackstone Credit & Insurance and Canada Pension Plan Investment Board, and the completion of Element’s inaugural equity residual transaction.

The transaction included a US$670 million asset-backed securities note offering backed by a portfolio of U.S. fleet lease receivables, together with the sale of corresponding equity residuals.

Element is the world’s largest publicly traded pure-play automotive fleet manager and a global leader in fleet management and intelligent mobility solutions.

The Arthur Cox team advising Element was led by Phil Cody (Structured Finance and Securitisation) and included David Kilty (Tax), Ian Dillon and Ronan McGoldrick (both Asset Management and Investment Funds), Andrew Poppleton, Deirdre O’Donnell, Noreen O’Sullivan (all Structured Finance and Securitisation) and Rachel Coyle (Tax). We also acted as listing agent to the ABS issuer through our Stock Exchange Listings and Fund Registration Group (led by Helen Berrill) and as corporate services provider through our Corporate Services Group (led by Fiona de Lacy).

For more information, visit the Element Fleet Management website.