Element Announces Pricing of Private Offering of Senior Notes

TORONTO, March 20, 2025 (GLOBE NEWSWIRE) -- Element Fleet Management Corp. (TSX: EFN) ("Element” or the "Company”), the largest publicly traded pure-play automotive fleet manager in the world, today announced that it has agreed to sell US$650 million aggregate principal amount of 5.037% Senior Notes due 2030 (the "Notes”) in a private offering that will not be registered under the Securities Act of 1933, as amended (the "Securities Act”). The Notes will mature on March 25, 2030.

The net proceeds from the offering are expected to be used for working capital and general corporate purposes, which may include the repayment of existing indebtedness. The offering is expected to close on March 25, 2025, subject to customary closing conditions.

The Notes will not be registered under the Securities Act or any state securities laws in the United States and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Act and applicable state securities laws. Accordingly, the Notes are being offered and sold only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act and to non-U.S. persons outside the United States in accordance with Regulation S under the Securities Act. Additionally, in Canada the offering will be made pursuant to exemptions from the prospectus requirements of applicable Canadian securities laws.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Element Fleet Management

Element Fleet Management (TSX: EFN) is the largest publicly traded pure-play automotive fleet manager in the world. As a Purpose-driven company, we provide a full range of sustainable and intelligent mobility solutions to optimize and enhance fleet performance for our clients across North America, Australia and New Zealand. Our services address every aspect of our clients' fleet requirements, from vehicle acquisition, maintenance, route optimization, risk management, and remarketing, to advising on decarbonization efforts, integration of electric vehicles and managing the complexity of gradual fleet electrification. Clients benefit from Element's expertise as one of the largest fleet solutions providers in its markets, offering economies of scale and insight used to reduce operating costs and enhance efficiency and performance. At Element, we maximize our clients' fleet so they can focus on growing their business.

Contact:

Rocco Colella

Director, Investor Relations

(437) 349-3796

[email protected]

Forward-Looking Statements

This press release includes forward-looking statements regarding Element and its business. Such statements are based on the current expectations and views of future events of Element's management. In some cases the forward-looking statements can be identified by words or phrases such as "may”, "will”, "expect”, "plan”, "anticipate”, "intend”, "potential”, "estimate”, "believe” or the negative of these terms, or other similar expressions intended to identify forward-looking statements, including, among others, statements regarding the offering of the Notes, including the closing of the offering, the expected date thereof and the use of proceeds from the offering of the Notes; Element's strategy to enhance and optimize the client experience and client acquisition and retention; Element's service offerings; enhancement of financial performance; reduction of operating expenses; increases in efficiency; EV strategy and capabilities; growth prospects and expected revenue growth; improvements to magnitude and quality of earnings; and expectations regarding financial performance. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause Element's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Such risks and uncertainties include those regarding the fleet management and finance industries, economic factors and many other factors beyond the control of Element. A discussion of the material risks and assumptions associated with this outlook can be found in Element's annual MD&A, and Annual Information Form for the year ended December 31, 2024, each of which has been filed on SEDAR+ and can be accessed at www.sedarplus.ca. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Element undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.