Stephen R. Ashbourne
Stephen R. Ashbourne
(416) 863-3086
(416) 863-2653
199 Bay St, Suite 4000, Commerce Court West, Toronto, ON
Year called to bar: 1991 (ON)
Steve is a partner who practises in the areas of securities and commercial law at Blake, Cassels & Graydon LLP. He specializes in structured finance, derivatives transactions and capital markets/ trading regulation. With more than 30 years of practice experience, Steve has a deep understanding of related tax, insolvency, regulatory, market, accounting and cross-border topics. He has led many important Canadian transactions relating to securitization, derivatives, structured products and electronic trading, and has extensive experience designing, “Canadianizing” and implementing financial products and strategies in both the domestic and cross-border contexts. Structured finance matters include: novel structures for commodities (oil, uranium and diamonds), fleet leasing, railcars, aircraft and stranded costs; significant M&A transactions involving securitized portfolios; and leading expertise in relation to auto, credit cards, consumer loans, equipment leasing and fintech applications. Steve’s derivatives practice focuses on OTC and retail derivatives-based transactions and trading strategies, including using equity derivatives, and covers related regulatory developments. Steve has played leading advisory roles in the development of Canada’s securities laws for ABS and derivatives.
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As part of the continuing transformation of its business since its spin-off from Element Financial, Steve Hudson’s ECN Capital Corp. [TSX: ECN] completed the acquisition of Triad Financial Services in December 2017 and sold its Canadian commercial and vendor finance business to Canadian Western Bank in January 2018.
On September 30, 2015, Element Financial Corporation (TSX: EFN) completed its US$8.6 billion acquisition of GE Capital’s fleet management operations in the United States, Australia, New Zealand and Mexico. Element had previously acquired the Canadian operations of GE Capital’s North American fleet management business in June of 2013. With the completion of the acquisition, Element’s total assets increased to approximately C$22 billion.
On May 20, 2015, TransCanada Trust closed its public offering in the United States of Hybrid Trust Notes Due 2075 for aggregate gross proceeds of US$750,000,000.
Element Financial Corporation acquired the assets and operations of PHH Arval, PHH Corporation's North American fleet management services business, for a purchase price of US$1.4 billion in cash. Element also assumed PHH's obligations under the PHH fleet securitization programs in the US and Canada.
Element Financial Corporation (TSX: EFN) completed its largest acquisition to date with the $570-million purchase of the assets comprising GE Canada's fleet leasing business. GE Canada's fleet vehicle portfolio consists of 650 regionally diversified customers and integrated fleet management services for vehicle and light and medium truck financings. As part of the acquisition, Element also entered into a strategic alliance agreement with GE Capital Fleet Services in the US pursuant to which the companies will collaborate primarily on the pursuit of Canadian/US cross-border fleet management opportunities.