Element Financial Corporation, one of North America’s leading equipment finance companies, has entered into an agreement with Cargojet to finance three Boeing 767-300ER freighter aircraft for approximately $100-million.
The transaction will provide Cargojet with additional capacity to support its growing client base.
“Cargojet continues to be an industry leader in providing our customers with the highest levels of reliable and competitive air cargo services in the marketplace,” said Dr. Ajay K. Virmani, president and CEO of Cargojet. “The new generation, long range, fuel efficient and environmentally friendly aircraft financed by Element through this transaction will enable us to expand the geographic reach and capacity of our network,” said Virmani.
The transaction is expected to close on or before June 30, 2014.