Datatec subsidiary Westcon has secured a $175 million working capital facility which will be used to finance its North American operations.
The credit facility is being funded by a syndicate of seven banks, and was arranged by Westcon`s international banking partner, HSBC Holdings, with GE Capital as collateral agent.
"Our credit facility is oversubscribed, and we believe this is a testament to our strength and viability despite current market conditions," says Westcon president and CEO Alan Marc Smith, who adds that the facility enhances the company`s financial position.
John O`Malley, Westcon VP and CFO, says the asset-based facility is a cornerstone of Westcon`s US domestic financing.
"It provides us with an appropriate borrowing base, while enabling us to adequately service the wide-ranging capital needs of our US-based businesses," he says.
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