Bank of America Business Capital, one of the world’s largest asset-based lenders, provided a $60 million senior secured credit facility to Summit Electric Supply Co., Inc., a wholesale distributor of electrical supplies used in construction and the maintenance of electrical systems.
The credit facility was used to refinance existing debt and provide for working capital needs. Bank of America also provided letters of credit as well as treasury management services.
“With financing from Bank of America and its predecessors since our inception in 1977, we’ve experienced continued growth in revenue and profits. This loan from Bank of America Business Capital will provide the necessary liquidity to address costs related to a new IT system and other operational issues,” says Vic Jury Jr, president and CEO, Summit Electric Supply Co., Inc.
“We are confident in management’s ability to successfully grow the business despite volatility in the construction business. Our breadth of products and services will help to support the company as it continues to execute its growth plan,” adds Joyce White, president, Bank of America Business Capital.