ePlus amends credit facility with GE Capital, lifting to $250 million

By Toni Weeks

San Luis Obispo, Calif., July 30 – ePlus inc. wholly owned subsidiary ePlus Technology, inc. amended its credit facility on July 24 with GE Capital Commercial Distribution Finance, according to an 8-K filing with the Securities and Exchange Commission.

The credit facility is comprised of a floor plan component and an accounts receivable component, and the amendment provides for an increase in the aggregate limit of the credit facility to $250 million, an increase of $25 million over the prior agreement, with an accounts receivable component sublimit of $30 million.

ePlus inc. will continue to guarantee this facility to up to $10.5 million.

Amounts available under the agreements may be limited by the asset value of the inventory purchased and accounts receivable and further limited by certain covenants and terms and conditions, the filing noted.

Proceeds will be used to finance inventory and accounts receivable related to the sales of products and services in its technology segment.

Herndon, Va.-based ePlus is an engineering-centric technology solutions provider.

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