City Electric Group (CEG), an electrical products wholesaler serving commercial, industrial and residential customers, closed a $1.25 billion senior secured global asset-based lending (ABL) revolving credit facility. Wells Fargo acted as agent on the facility. PNC and JPMorgan were named joint lead arrangers, with Truist and HSBC serving as co-documentation agents.
“The participation and support of these global financial institutions underscore the strength of our banking relationships and the quality of CEG’s business model, operational discipline, leadership and long-term outlook,” Phil Flaherty, global chief financial officer of CEG, said. “This closing expands our liquidity and flexibility to support product availability and service levels for our customers worldwide, and continued investment in our branch network.”
Kurt Marsden, head of Wells Fargo Capital Finance, said, “Wells Fargo is pleased to continue to support City Electric Group and play a role in optimizing CEG’s capital structure across multiple global jurisdictions.”
The facility, which has a five-year maturity from closing, provides a coordinated financing platform across eligible jurisdictions including the United States, Canada, the United Kingdom (including Jersey), Ireland, the Netherlands, Spain and Australia.
The new facility refinanced CEG’s jurisdictional credit facilities under a single agreement to support operating efficiency and the company’s next chapter of growth.
“CEG has built a durable platform grounded in local service and an expanding global footprint,” Jeremy Saunders, global CEO of CEG, said. “This facility reflects strong market confidence in our strategy and our ability to continue scaling — while staying focused on the customers and communities we serve.”
