TORONTO, May 26, 2026 (GLOBE NEWSWIRE) -- Element Fleet Management Corp. (TSX:EFN) ("Element" or the "Company"), the largest publicly traded pure play automotive fleet manager in the world and a global leader in intelligent fleet and mobility solutions, today announced that it has agreed to sell US$500 million aggregate principal amount of 4.800% Senior Notes due 2029 (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 May 29, 2029.

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 May 29, 2026, subject to the satisfaction of 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.

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