Santander backs cable maker WTEC with $345M credit facility
What's the deal? Santander Bank closed US$223.2M asset-based revolving credit facility for WTECDealroom has a profile for this one. Try Dealroom →, the Hasbrouck Heights, New Jersey-based manufacturer of electrical cables, wires, and steel products. The facility provides working capital to fund growth across renewable energy, grid modernisation, data centre, and AI infrastructure markets.
The backers: Santander's commercial bank served as administrative agent, joint lead arranger, and joint bookrunner, partnering with four other banks to structure the financing.
Why now? WTEC supplies cables and components for sectors seeing surging demand, including data centres and AI infrastructure. The facility, chief financial officer Bonita Singh said, backs "our continued investment in US manufacturing, innovation, and customer service across the renewable energy, utility, infrastructure, and rapidly growing data center markets."
The relationship: The deal caps a partnership that began in 2005, when Santander first extended WTEC US$64.7K working capital line of credit. Founded in 2002, WTEC now runs more than 12 manufacturing facilities spanning roughly 2 million square feet and serves customers across the US and internationally.
"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," said Ellen Marshall, head of corporate and middle market banking at Santander.
Santander Bank is a wholly owned subsidiary of Madrid-based Banco SantanderDealroom has a profile for this one. Try Dealroom →. Its customers are concentrated across the US Northeast and Florida.
The signal: Rising power demand from data centres and AI is pulling capital toward the companies that make the physical backbone — cables, wires, and grid hardware. WTEC's jump from US$64.7K line to US$223.2M facility over two decades shows how fast that supply chain is scaling.
Read more: europesays.com
