Santander Bank’s commercial banking division closed a $75 million asset-based revolving credit facility, a long-term loan, for component manufacturer Wind Turbine & Energy Cables Corporation (WTEC).
Santander acted as administrative agent, sole lead arranger and sole underwriter on the loan. WTEC is a manufacturer wire, cable and steel products and services for use in the energy sector. WTEC products are used in the wind turbines, solar panels, utility transmission lines and substations and oil and gas drilling industries. The financing will help to further support the company’s long-term growth strategy both domestically and abroad.
“WTEC has been successfully investing in and scaling its U.S. footprint by developing and enhancing its product offerings and capabilities, penetrating new market sectors, and broadening its international operations and reach,” said Ellen Marshall, market director, New York and New Jersey Middle Market Banking at Santander Bank. “We believe the company will benefit from our international expertise and experience in the clean energy space, and we appreciate the opportunity to continue our long-term support of WTEC in this dynamic industry.”
WTEC was founded in 2002 and is globally headquartered in Hasbrouck Heights, New Jersey. The company has developed and constructed a 50-acre manufacturing campus in Milton, Florida, which consists of four facilities with more than 600,000 sq ft of indoor manufacturing space to provide scalability and flexibility as the company executes on its growth strategies.
“Santander’s customized approach and global reach made it the perfect financial institution to partner with and support our aggressive growth strategy. We are excited to work with the Santander team as we continue to grow our business,” said Sherie Singh-Cho, CFO of WTEC.
News item from Santander Bank