Equipment finance company Element Financial Corp. entered into a secured financing agreement with Dallas, Texas-based midstream logistics company Bridger LLC for $220 million in equipment financing. The transaction was originated by Element’s U.S.-based Commercial Finance group, formerly known as CoActiv Capital Partners, with underwriting support from the Toronto-based Railcar Finance group.
The amount will be drawn down during the next 12 months for the acquisition by Bridger of a fleet of 1,300 new rail tank cars as well as heavy-duty trucks and specialty trailers. The tank cars will be built to exceed the highest regulatory standards set by Dallas-based Trinity Industries.
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