ePlus Amends Facility With GE Commercial Distribution Finance
ePlus inc. announced that its subsidiary, ePlus Technology, inc., amended and restated its credit facility with GE Commercial Distribution Finance Corporation (GECDF). The GECDF credit facility is comprised of a floorplan component and an accounts receivable component, was originally entered into on August 31, 2000, and has been amended from time to time. The facility is used to finance inventory and accounts receivable related to the sale of computer technology, peripherals and software products.
The new agreement provides ePlus Technology with a total credit limit of up to $175 million, an increase of $50 million over the prior agreement, with a sub-limit of $30 million for the accounts receivable component. ePlus inc. will continue to guarantee this facility up to a limit of $10.5 million. The amounts available under the agreements may be limited by the asset value of the equipment purchased and accounts receivable, and may be further limited by certain covenants and terms and conditions of the facility. Either party may terminate with proper notice.
“These changes increase our capacity to efficiently and effectively compete as one of the top advanced solutions providers in the industry,” said Elaine D. Marion, chief financial officer. “We highly value our relationship with GECDF and appreciate its continued support of ePlus.”
GE Capital, Commercial Distribution Finance provided nearly $32 billion in financing for more than 30,000 manufacturers, dealers and distributors across North America in 2011.
ePlus is an integrator of technology solutions.