ePlus, a provider of technology and financing solutions, amended, restated and replaced in its entirety its existing credit agreements with Wells Fargo Commercial Distribution Finance.

The new credit facility was established by a syndicate of banks for which Wells Fargo Commercial Distribution Finance is acting as administrative agent and consists of a discretionary senior secured floorplan facility in favor of the borrowers in the aggregate principal amount of up to $375 million, an increase from $275 million, together with a sublimit for a revolving credit facility for up to $100 million. The aggregate amount of principal available under the new credit facility is subject to a borrowing base based upon, among other things, the borrowers’ accounts receivable and inventory, each pursuant to a formula and subject to certain reserves. The new credit facility has an initial one-year term which automatically renews for successive one-year terms thereafter; however, either party may terminate with proper notice.

“This revised credit facility supports our growth and service to our valued customers as a leading provider of advanced solutions,” Elaine Marion, CFO of ePlus, said. “We highly value our long-term relationship with [Wells Fargo Commercial Distribution Finance], our new syndicate banks, and appreciate the continued support of ePlus.”