Daily News: April 4, 2014

Wells Fargo Arranges $325MM Guitar Center Facility

Wells Fargo Capital Finance announced it acted as left lead arranger and bookrunner on a $325 million secured credit facility that will be used for working capital and general corporate purposes for Guitar Center.

“Guitar Center has been a client of ours for 20 years and we wanted to be able to complete this important financing that will allow them the financial flexibility to make strategic business decisions,” said Keith Vercauteren, head of the Retail Finance division at Wells Fargo Capital Finance. “Music is an iconic element to so many and it’s important to Wells Fargo Capital Finance to support leading retailers that consumers value. We look forward to supporting this leading retailer as they continue to grow.”

“This new credit facility is part of the move forward for our company, providing us with flexibility to achieve our strategic goals,” said Tim Martin, CFO of Guitar Center. “The Retail Finance team understands our business and working with Wells Fargo is a smooth experience.”

Guitar Center is one of the the largest retailer of musical instruments and related products and operates Guitar Center and Music & Arts retail stores across the U.S.