BOSTON, Jan. 22, 2020
/PRNewswire/ -- Santander Bank today announced that its Commercial
Banking division closed a $75 million
asset-based revolving credit facility on behalf of Wind Turbine
& Energy Cables Corporation (WTEC). Santander acted as
administrative agent, sole lead arranger and sole bookrunner on the
credit facility. WTEC is a diversified, leading 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, New Jersey. The
company has systematically developed and constructed a
state-of-the-art 50-acre manufacturing campus in Milton, Florida. The campus consists of four
facilities with more than 600,000 square feet of indoor
manufacturing space to provide scalability and flexibility as the
company executes on its growth strategies.
"Santander's customized approach and global reach made it the
perfect financial institution to partner with and support our
aggressive growth strategy. We are excited to work with the
Santander team as we continue to grow our business," said
Sherie Singh-Cho, Chief Financial
Officer of WTEC.
Santander Bank, N.A. is one of the country's largest retail and
commercial banks and an active provider of capital, treasury
management, risk management and international solutions. Santander
earns the loyalty of its commercial banking clients by offering
services that help them manage their operating needs, maximize
their working capital and grow their businesses domestically and
internationally. The Bank is a wholly-owned subsidiary of
Madrid-based Banco Santander, S.A.
(NYSE: SAN) - one of the most respected banking groups in the world
with more than 125 million customers in the U.S., Europe and Latin
America. For more information, please visit
www.santanderbank.com/us/commercial.
Media
Contacts:
Laurie Kight
214-801-6455
laurie.kight@santander.us
Nancy Orlando
617-757-5765
nancy.orlando@santander.us
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SOURCE Santander Bank, N.A.