Bank of America Business Capital announced that it has provided a $60 million senior secured credit facility to Summit Electric Supply Co., Inc., Albuquerque, N.M. The credit facility was used to refinance existing debt and provide for working capital needs, according to Bank of America. The bank also provided letters of credit as well as treasury management services.
“With financing from Bank of America and its predecessors since our inception in 1977, we've experienced continued growth in revenue and profits,” says Summit Electric Supply President and CEO, Vic Jury, Jr. “This loan from Bank of America Business Capital will provide the necessary liquidity to address costs related to a new IT system and other operational issues.”
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