ePlus inc. (NASDAQ:PLUS) Files An 8-K Entry into a Material Definitive Agreement
ME Staff 8-k
ePlus inc. (NASDAQ:PLUS) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement
On July 27, 2017, ePlus Technology, inc. and ePlus Technology Services, inc. (together the "Company"),wholly owned subsidiaries of ePlus inc., entered into Amendment No.5 (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 temporarily increases the aggregate limit of the two components from $250.0 million to $325.0 million from the date of the agreement through October25, 2017 and provides the Company an election beginning July 1 in each subsequent year to similarly temporarily increase the aggregate limit of the two components to $325.0 million ending the earlier of 90 days following the date of election and October 31 of that same year.
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 2.02. Results of Operations and Financial Condition
On August 2, 2017, ePlus inc. announced by press release its results of operations for its fiscalfirst quarterendedJune 30, 2017. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
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
10.1
Amendment No. 5, dated July 27, 2017, to Amended and Restated Agreement for Wholesale Financing between ePlus Technology, inc. and Wells Fargo Commercial Distribution Finance, LLC (f/k/a GE Commercial Distribution Finance LLC)
10.2
Amendment No. 5, dated July 27, 2017, to Amended and Restated Business Financing Agreement between ePlus Technology, inc. and Wells Fargo Commercial Distribution Finance, LLC (f/k/a GE Commercial Distribution Finance LLC)
99.1
Press release dated August 2, 2017, issued by ePlus inc.
EPLUS INC ExhibitEX-10.1 2 ex10-1.htm AMENDMENT 5 TO AMENDED AND RESTATED AGREEMENT FOR WHOLESALE FINANCING EXHIBIT 10.1 AMENDMENT #5 TO AMENDED AND RESTATED AGREEMENT FOR WHOLESALE FINANCING This Amendment #5 to Amended and Restated Agreement for Wholesale Financing (“Amendment”) is entered into on July 27,…To view the full exhibit click here 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.