Wells Fargo’s Retail Finance Team Leads $325 Million Facility
SANTA MONICA, April 3, 2014 – Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC), announced it acted as left lead arranger and bookrunner on a $325 million secured credit facility that will be used for working capital and general corporate purposes for Guitar Center, Inc., America’s leading specialty music retailer.
Guitar Center is the largest retailer of musical instruments and related products and operates Guitar Center and Music & Arts retail stores across the United States. Guitar Center also is the largest direct response retailer of musical instruments and related products through its brands Musician’s Friend, Music123 and Woodwind & Brasswind.
“Guitar Center has been a client of ours for 20 years and we wanted to be able to complete this important financing that will allow them the financial flexibility to make strategic business decisions,” said Keith Vercauteren, head of the Retail Finance division at Wells Fargo Capital Finance. “Music is an iconic element to so many and it’s important to Wells Fargo Capital Finance to support leading retailers that consumers value. We look forward to supporting this leading retailer as they continue to grow.”
“This new credit facility is part of the move forward for our company, providing us with flexibility to achieve our strategic goals,” said Tim Martin, Chief Financial Officer of Guitar Center. “The Retail Finance team understands our business and working with Wells Fargo is a smooth experience.”