Santander Bank’s Commercial Banking division closed a $75 million asset-based revolving credit facility on behalf of Wind Turbine & Energy Cables (WTEC).
Santander acted as administrative agent, sole lead arranger and sole bookrunner on the credit facility.
WTEC is a diversified manufacturer of a wide range of wire, cable and steel products and services for use in the energy sector. WTEC products are used in the wind turbines, solar panels, utility transmission lines and substations and oil and gas drilling industries. The financing will help to further support the company’s long-term growth strategy both domestically and abroad.
“WTEC has been successfully investing in and scaling its U.S. footprint by developing and enhancing its product offerings and capabilities, penetrating new market sectors, and broadening its international operations and reach,” said Ellen Marshall, market director, New York and New Jersey Middle Market Banking at Santander Bank. “We believe the company will benefit from our international expertise and experience in the clean energy space, and we appreciate the opportunity to continue our long-term support of WTEC in this dynamic industry.”
WTEC was founded in 2002 and is globally headquartered in Hasbrouck Heights, NJ.
