Santander Bank (“Santander”) closed a $345 million asset-based revolving credit facility for WTEC, LLC (“WTEC”), providing additional working capital to support the New Jersey-based manufacturer’s continued growth across the renewable energy, grid modernization, data center, and AI infrastructure sectors.
Santander’s Commercial Bank served as administrative agent, joint lead arranger and joint bookrunner, partnering with a group of four banks to structure the financing.
The transaction marks the latest milestone in a strategic relationship that began in 2005, when Santander first provided WTEC with a $100,000 working capital line of credit.
Headquartered in Hasbrouck Heights, New Jersey, WTEC was founded in 2002 and has grown into a leading manufacturer of electrical cables, wires, and steel products. The company operates more than 12 manufacturing facilities spanning approximately 2 million square feet, supporting customers across the U.S. and internationally.
“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.”