WTEC has secured a $345 million asset-based revolving credit facility led by Santander Bank to provide additional working capital for the company’s expansion across renewable energy, grid modernization, data center and AI infrastructure markets.
Santander’s Commercial Bank served as administrative agent, joint lead arranger and joint bookrunner. The bank partnered with four additional banks to structure the financing.
The transaction expands a relationship between Santander and WTEC that began in 2005, when the bank provided WTEC with a $100,000 working capital line of credit.
Based in Hasbrouck Heights, New Jersey, WTEC manufactures electrical cables, wires, steel products and other infrastructure components.
The company was founded in 2002 and operates more than 12 manufacturing facilities totaling approximately 2 million square feet, according to the financing announcement.
WTEC’s broader operating footprint includes its Steel, Wires & Cables, OEM, Collection Systems, Commercial & Industrial, 4S and Torque Tube divisions.
The company plans to use the additional financial flexibility to continue investing in U.S. manufacturing, innovation and customer service while supporting growth across energy, utility and data center markets.
KEY QUOTES:
“We’re proud to deepen our partnership with WTEC as the company continues to expand its manufacturing footprint and meet growing demand. Supporting ambitious middle-market companies like WTEC is central to our strategy, and we’re excited to help position them for their next chapter of growth.”
Ellen Marshall, Head of Corporate & Middle Market Banking at Santander
“As Lead Bank, we’re honored by the long-term relationship we’ve built with the WTEC team. We look forward to continuing our partnership as the company executes on its strategic objectives and expands its market share across the energy and infrastructure sectors.”
Anthony Selvaggio, Head of New York and New Jersey Corporate & Middle Market Banking at Santander
“The expansion of our credit facility reflects the strength of WTEC, LLC’s business platform and the trust we have built with Santander over many years. This additional financial flexibility supports our continued investment in U.S. manufacturing, innovation, and customer service across the renewable energy, utility, infrastructure, and rapidly growing data center markets. We appreciate Santander’s partnership and confidence in WTEC’s future.”
Bonita Singh, Chief Financial Officer of WTEC
