Increase to $500
Million Enhances ePlus' Working Capital Financing
Capacity
HERNDON,
Va., March 13, 2023 /PRNewswire/ -- ePlus inc.
(NASDAQ NGS: PLUS – news) a leading provider of technology and
financing solutions, today announced that its wholly-owned
subsidiaries ePlus Technology, inc., ePlus Technology Services,
inc. and SLAIT Consulting, LLC (collectively, the "Borrowers")
recently entered into an amendment to their credit agreement with
their lenders (the "Lenders") for which Wells Fargo Commercial
Distribution Finance Corporation ("WFCDF") acts as administrative
agent. The credit facility, as modified by the amendment, consists
of a discretionary senior secured floorplan facility in favor of
the Borrowers in the aggregate principal amount of up to
$500 million, an increase from
$425 million, together with a
sublimit for a discretionary senior secured revolving credit
facility for up to $200 million, an
increase from $150 million.
![ePlus logo (PRNewsfoto/ePlus inc.) ePlus logo (PRNewsfoto/ePlus inc.)](https://mma.prnewswire.com/media/1582360/ePlus_Logo.jpg)
"The increase and adjustments to our credit facility will allow
us to continue to support our customers' IT needs including digital
transformation, hybrid workforce support, security, and cloud. We
are pleased with the continued support by WFCDF and our Lenders,
including two new banks which have joined the facility," said
Elaine Marion, chief financial
officer.
About ePlus inc.
ePlus has an unwavering and relentless focus on leveraging
technology to create inspired and transformative business outcomes
for its customers. Offering a robust portfolio of solutions, as
well as a full set of consultative and managed services across the
technology spectrum, ePlus has proudly achieved more than 30 years
of success in the business, carrying customers forward through
adversity, rapidly changing environments, and other obstacles.
ePlus is a trusted advisor, bringing expertise, credentials, talent
and a thorough understanding of innovative technologies, spanning
security, cloud, data center, networking, collaboration and
emerging solutions, to organizations across all industry segments.
With complete lifecycle management services and flexible payment
solutions, ePlus' more than 1,700 associates are focused on
cultivating positive customer experiences and are dedicated to
their craft, harnessing new knowledge while applying decades of
proven experience. ePlus is headquartered in Virginia, with locations in the United States, UK, Europe, and Asia–Pacific. For more
information, visit www.eplus.com, call 888-482-1122, or email
info@eplus.com. Connect with ePlus on LinkedIn, Twitter,
Facebook, and Instagram. ePlus, Where Technology Means
More®.
ePlus®, Where Technology Means More®, and ePlus products
referenced herein are either registered trademarks or trademarks of
ePlus inc. in the United States
and/or other countries. The names of other companies,
products, and services mentioned herein may be the trademarks of
their respective owners.
Forward-Looking Statements
Statements in this press release that are not historical facts
may be deemed to be "forward-looking statements."
Forward-looking statements can be identified by such words and
phrases as "believe(s)," "may," "will," "should," "continue" and
similar expressions, comparable terminology or the negative
thereof, and include the anticipated growth of our company.
Actual and anticipated future results may vary materially due
to certain risks and uncertainties, including, without limitation,
national and international political instability fostering
uncertainty and volatility in the global economy including exposure
to fluctuation in foreign currency rates, interest rates, and
inflation, increases in our costs which may result in adverse
changes in our gross profit and/or price increases to our customers
which may result in adverse changes in our gross profit; supply
chain issues, including a shortage of IT products, may increase our
costs or cause a delay in fulfilling customer orders, or increase
our need for working capital, or completing professional services,
or purchasing IT products or services needed to support our
internal infrastructure or operations, resulting in an adverse
impact on our financial results; our dependence on key personnel to
maintain certain customer relationships; our ability to secure our
own and our customers' electronic and other confidential
information, while maintaining compliance with evolving data
privacy and regulatory laws and regulations; our ability to raise
capital, maintain or increase as needed our lines of credit with
vendors or floor planning facility, obtain debt for our financing
transactions, or the effect of those changes on our common stock
price; rising interest rates or the loss of key lenders or the
constricting of credit markets; and other risks or uncertainties
detailed in our Annual Report on Form 10-K for the fiscal year
ended March 31, 2022 and other
reports filed with the Securities and Exchange Commission.
All information set forth in this press release is current as
of the date of this release and ePlus undertakes no duty or
obligation to update this information either as a result of new
information, future events or otherwise, except as required by
applicable U.S. securities law.
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SOURCE ePlus inc.