ePlus inc. (NASDAQ:PLUS) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement
On January 15, 2019, ePlus Technology, inc. and ePlus Technology Services, inc. (together the “Company”),wholly owned subsidiaries of ePlus inc., entered into Amendment No. 7 (the “Amendments”) to both its Amended and Restated Agreement for Wholesale Financing, dated July 23, 2012, and Amended and Restated Business Financing Agreement, dated July 23, 2012, with Wells Fargo Commercial Distribution Finance, LLC (“Wells Fargo”) (f/k/a GE Commercial Distribution Finance), in connection with its credit facility.
The amendment to the Wells Fargo credit facility increases the accounts receivable sub-limit from $30 million to $50 million and modifies certain collateral terms of the credit facility.
The Company maintains deposit accounts with Wells Fargo, and from time to time the Company and its affiliates sellIT products and services to affiliates of Wells Fargo. There are no other material relationships between the Company and Wells Fargo.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant
The information included in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03 of this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits
(d) The following exhibits are filed as part of this report:
Exhibit No. Description
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10.1 |
Amendment No. 7, dated January 15, 2019, to Amended and Restated Agreement for Wholesale Financing between ePlus Technology, inc. and Wells Fargo Commercial Distribution Finance, LLC |
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10.2 |
Amendment No. 7, dated January 15, 2019, to Amended and Restated Business Financing Agreement between ePlus Technology, inc. and Wells Fargo Commercial Distribution Finance, LLC |
EPLUS INC Exhibit
EX-10.1 2 ex10-1.htm AMENDMENT 7 TO AMENDED AND RESTATED AGREEMENT FOR WHOLESALE FINANCING EXHIBIT 10.1 AMENDMENT #7 TO AMENDED AND RESTATED AGREEMENT FOR WHOLESALE FINANCING This Amendment #7 to Amended and Restated Agreement for Wholesale Financing (“Amendment”) is entered into on January 15,…
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About ePlus inc. (NASDAQ:PLUS)
ePlus inc. is a holding company. The Company is engaged in the business of selling, leasing, financing and managing information technology. It operates through two segments: technology and financing. The technology segment sells information technology (IT) hardware products, third-party software and maintenance contracts, its own and third-party professional and managed services, and its software. The financing segment operations primarily consist of the financing of information technology equipment, software and related services. Both segments sell to commercial entities, state and local governments, government contractors and educational institutions. The Company is a provider of IT solutions, which enable organizations to optimize their IT environment and supply chain processes. It delivers and integrates IT products and software from various vendors, and provides private, hybrid, and public cloud solutions.