FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Wells Fargo CDF Agents Credit Facility Increase to $375MM for ePlus

October 20, 2021, 07:40 AM
Filed Under: Dealer Finance

ePlus announced that its subsidiaries ePlus Technology, inc., ePlus Technology Services, inc. and SLAIT Consulting, LLC (collectively, the "Borrowers") recently amended, restated and replaced in their entirety their existing credit agreements with Wells Fargo Commercial Distribution Finance Corporation ("CDF").

The new credit facility is established by a syndicate of banks for which CDF acts as administrative agent and consists of a discretionary senior secured floorplan facility in favor of the Borrowers in the aggregate principal amount of up to $375 million, an increase from $275 million, together with a sublimit for a revolving credit facility for up to $100 million. The aggregate amount of principal available under the new credit facility is subject to a borrowing base based upon, among other things, the Borrowers' accounts receivable and inventory, each pursuant to a formula and subject to certain reserves. The new credit facility has an initial one-year term which automatically renews for successive one-year terms thereafter; however, either party may terminate with proper notice.

"This revised credit facility supports our growth and service to our valued customers as a leading provider of advanced solutions," said Elaine Marion, chief financial officer. "We highly value our long-term relationship with CDF, our new syndicate banks, and appreciate the continued support of ePlus."

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.