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HOME REGIONS Europe › Westcon adds €45m credit facility

Westcon adds €45m credit facility

by Stuart Wilson, Thursday 20 March 2008

Networking distributor Westcon Group has announced a new €45m credit facility in Europe. The three-year committed invoice financing will be used to increase Westcon’s European liquidity as the company continues its organic and acquisition-led growth strategy.

Jon Toohey, CFO at Westcon Group Europe, said: “This demonstrates that our lenders continue to recognise Westcon Group’s financial strength and our continued growth in Europe. This new facility will help support our working capital growth in the important market of network security products and solutions.”

In April 2007 Westcon announced the acquisition of NOXS, a pan-European security solutions VAD. Working capital was initially funded by an uncommitted overdraft facility but this has now been replaced by the new €45m credit facility, which will be used for both working capital and expansion plans. The new financing was led by HSBC Bank, which has partnered with Westcon Group on several US and European financing agreements.

John Beaney, head of HSBC International invoice financing, commented: “We are pleased to partner with Westcon Group in both Europe and North America. HSBC continues to be positioned to support the success of Westcon’s multi-national expansion initiatives.”

Westcon Group is a specialty distributor in networking, security, mobility and convergence for leading technology vendors, including Cisco, Nortel, Avaya and Polycom.

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