WFCF, Capital One Co-Lead Facility for Teletrac
Wells Fargo Capital Finance and Capital One announced they co-led the closing of a $100 million senior secured credit facility for Teletrac and subsidiaries. Teletrac is an independent provider of fleet management devices and systems to long haul, local, service and delivery fleets.
Proceeds of the facility were used to refinance existing senior indebtedness, provide a dividend to the sponsor and finance Teletrac’s ongoing working capital requirements.
“We are delighted to provide financing to Teletrac, one of the largest independent U.S. telematics solution providers,” said Dean Graham, president of the commercial and specialty finance business at Capital One Bank. Capital One Bank’s technology finance team has developed an important, strategic relationship with Wells Fargo Capital Finance to provide financing solutions to a range of technology companies. This relationship reflects Capital One Bank