Wells Fargo Commercial Capital provided an integrated working capital financing solution to Southwire Company, a manufacturer of wire and cable. The capital structure provided by Wells Fargo includes a $1 billion sustainability-linked asset-based facility, which, combined with an existing supplier finance program, will allow Southwire to maximize its working capital flexibility and enhance its day-to-day management of commercial activities.
“Consummation of the sustainability-linked facility is a significant milestone toward aligning our continued success in achieving our growth strategy and our goal of eliminating 100% of greenhouse gas emissions from our operations by the end of 2025 — what we’re calling Carbon Zero,” Guyton Cochran, executive vice president and CFO of Southwire, said.
“Structuring this unique, integrated working capital solution for Southwire gave us the opportunity to demonstrate how our various asset-based lending and supply chain finance solutions work together to help meet a broad range of our clients’ evolving strategic priorities,” David Marks, head of Wells Fargo Commercial Capital, said. “We are very pleased to expand our relationship with Southwire to help support their continued growth and sustainability goals.”