Santander Bank says its commercial banking division closed a $75 million asset-based revolving credit facility on behalf of Wind Turbine & Energy Cables Corp., (WTEC). Santander acted as administrative agent and lead arranger on the credit facility.
WTEC is a manufacturer of a wide range of wire, cable and steel products and services for use in the energy sector. WTEC products are used in wind turbines, solar panels, utility transmission lines and substations, as well as in the oil and gas drilling industries. The financing will help 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,” says Ellen Marshall, market director 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,” adds Marshall.
WTEC was founded in 2002 and is globally headquartered in Hasbrouck Heights, N.J. The company has constructed a 50-acre manufacturing campus in Milton, Fla. 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.
Photo: A WTEC wind farm