Wells Fargo Capital Finance, part of Wells Fargo & Co., and Capital One Bank said Friday they co-led the closing of a $100 million loan for Teletrac and subsidiaries. Teletrac, which is backed by Vector Capital, provides fleet management devices and systems to long haul, local, service and delivery fleets. Teletrac plans to use the proceeds to refinance senior debt, provide a dividend to the sponsor and to financing ongoing working capital requirements.
Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC), and Capital One Bank today 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.”
Capital One Bank’s Technology Finance team provides senior secured financings in support of sponsor-led buyouts and recapitalizations of an array of middle-market technology providers. Led by Keith Reuben, Alan Tom and Conor O’Keiff, this team is part of the Bank’s Commercial and Specialty Finance Business, which serves clients through a team of more than 200 associates who have expertise in technology, healthcare, security and defense, vacation ownership, asset based lending, rediscount finance, municipal finance and equipment leasing and finance. This team provides tailored financing solutions to middle market companies nationwide. Capital One Bank’s Commercial Business leverages a relationship-based banking model that seamlessly delivers an array of products and services including: loans and deposit accounts, treasury management services, merchant services, investment banking, international services and correspondent banking.
About Teletrac, Inc.
For more than 24 years, Teletrac® Inc. has remained focused on its mission to automate fleets worldwide. Teletrac® provides comprehensive cloud-based SaaS software, currently providing solutions to more than 20,000 fleets across all industries. With over 500 global employees, Teletrac® focuses on providing GPS asset location, diagnostics, fuel efficiency, safety, compliance, scorecarding and business intelligence for its customers. Tracking more than 200,000 vehicles in 75 countries, Teletrac® saves fleet owners time and money while reducing their carbon footprint. Teletrac® customers report up to 30% lower fuel usage, an average of 15% less driver overtime, 12% higher productivity and less unauthorized vehicle use. Teletrac® is headquartered in Garden Grove, CA. For additional information, visit www.teletrac.com or contact Teletrac® at 1-800-TELETRAC®, or via e-mail at [email protected]
About Capital One
Capital One Financial Corporation (http://www.capitalone.com/) is a financial holding company whose subsidiaries, which include Capital One, N.A., Capital One Bank (USA), N. A., and ING Bank, fsb, had $213.9 billion in deposits and $296.6 billion in total assets outstanding as of June 30, 2012. Headquartered in McLean, Virginia, Capital One and ING Direct offer a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has approximately 1,000 branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.
About Wells Fargo Capital Finance
Wells Fargo Capital Finance is the trade name for certain senior secured lending services of Wells Fargo & Company and its subsidiaries across the United States and internationally. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting and others. For more information, visit wellsfargocapitalfinance.com.
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