GARDEN GROVE, CA – Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC), and Capital One Bank announced they co-led the closing of a $100 Million Senior Secured Credit Facility (the “Facility”) for Teletrac, Ltd. and Subsidiaries (“Teletrac”). Teletrac is a leading, independent provider of fleet management devices and systems to long haul, local, service and delivery fleets. Proceeds of the Facility were used to refinance existing senior indebtedness, provide a dividend to the sponsor and finance Teletrac’s ongoing working capital requirements.
“We are delighted to provide financing to Teletrac, one of the largest independent U.S. telematics solution providers,” said Dean Graham, President of the Commercial and Specialty Finance Business at Capital One Bank. Capital One Bank’s Technology Finance team has developed an important, strategic relationship with Wells Fargo Capital Finance to provide financing solutions to a range of technology companies. This relationship reflects Capital One Bank’s national specialty lending strategy to provide middle-market companies, across various industries, with tailored financing solutions.”
“We are excited to bring an effective group of syndicate partners together to deliver this increased facility and meet the company’s ongoing financing needs,” said John Leonard, head of the Technology Finance Division at Wells Fargo Capital Finance. “Over the last two years, we have developed a successful relationship with Teletrac® and its sponsor, Vector Capital, and we look forward to continuing our support going forward.”
“We’re excited to partner with the Wells Fargo Capital Finance and Capital One Bank teams as we evolve and grow our business,” said Tom Patterson, Chief Financial Officer, Teletrac. “Both banks offered valuable insight and support. Their combined industry expertise and dedication produced a custom financing solution that met our unique needs.”