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New credit facility announced by ePlus

Written by Harry Johnson

ePlus inc., a leading provider of technology and financing solutions, today announced that its subsidiaries ePlus Technology, inc., ePlus Technology Services, inc. and SLAIT Consulting, LLC recently amended, restated and replaced in their entirety their existing credit agreements with Wells Fargo Commercial Distribution Finance Corporation. 

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ePlus inc., a leading provider of technology and financing solutions, today announced that its subsidiaries ePlus Technology, inc., ePlus Technology Services, inc. and SLAIT Consulting, LLC recently amended, restated and replaced in their entirety their existing credit agreements with Wells Fargo Commercial Distribution Finance Corporation. 

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.”

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About the author

Harry Johnson

Harry Johnson has been the assignment editor for eTurboNews for almost 20 years. He lives in Honolulu, Hawaii, and is originally from Europe. He enjoys writing and covering the news.

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