Wells Fargo Provides $50 Million to Advanced Energy
Advanced Energy Industries, Inc. announced that it has entered into a $50 million, five-year credit agreement with Wells Fargo Bank. This agreement will provide Advanced Energy access to a new revolving line of credit secured by accounts receivable and inventory.
The credit facility can be used for general working capital, capital expenditures and acquisitions, and may be increased by $25 million subject to lender commitments and other conditions.
“As we continue to execute on our strategic plan, this new line of credit will serve as a solid foundation for future growth and offer an additional source of liquidity for working capital requirements. This facility will provide us with additional flexibility as we explore a variety of organic and inorganic opportunities across our markets,” said Garry Rogerson, Chief Executive Officer.
Advanced Energy is a global provider in innovative power and control technologies for high-growth, thin-film manufacturing and solar-power generation.