Teletrac(R), Ltd. and its subsidiaries ("Teletrac") announced that they have successfully closed a $100 million senior secured credit facility (the "Facility") co-led by Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC), and Capital One Bank (NYSE: COF). Teletrac is a leading, independent provider of fleet management software systems and devices to long-haul, local, service and delivery fleets. Proceeds of the Facility were used to refinance existing senior indebtedness, provide a dividend to the sponsor and finance Teletrac's continued growth and working capital requirements.
"We're excited to partner with the Wells Fargo Capital Finance and Capital One Bank teams as we evolve and grow our business," said Tom Patterson, Chief Financial Officer, Teletrac. "Obtaining the facility solidifies our financial position and provides the foundation to continue to accelerate our growth as a leader in providing fleet management solutions."
Teletrac's solutions provide fleet operators with critical asset management and driver tracking functionality, such as messaging and dispatch capabilities, vehicle diagnostics management, driver behavior and safety analytics data which assist customers in meeting their regulatory compliance requirements. Teletrac is headquartered in Garden Grove, CA and employs over 500 professionals around the world.
"We're pleased to provide a financing solution to support Teletrac, one of the largest independent U.S. telematics solution providers, in partnership with Wells Fargo Capital Finance's Technology Finance Division," said Dean Graham, Senior Vice President and Head of Commercial and Specialty Finance, Capital One Bank.
"We are excited to bring an effective group of syndicate partners together to deliver this increased facility and meet the company's ongoing financing needs," said John Leonard, head of the Technology Finance Division at Wells Fargo Capital Finance. "Over the last two years, we have developed a successful relationship with Teletrac and its sponsor, Vector Capital, and we look forward to continuing our support going forward."
About Teletrac Inc.
For more than 24 years, Teletrac Inc. has remained focused on its mission to automate fleets worldwide. Teletrac provides comprehensive cloud-based SaaS software, currently providing solutions to more than 20,000 fleets across all industries. With over 500 global employees, Teletrac focuses on providing GPS asset location, diagnostics, fuel efficiency, safety, compliance, scorecarding and business intelligence for its customers. Tracking more than 200,000 vehicles around the globe, Teletrac saves fleet owners time and money while reducing their carbon footprint. Teletrac customers report up to 30% lower fuel usage, an average of 15% less driver overtime, 12% higher productivity and less unauthorized vehicle use. Teletrac is headquartered in Garden Grove, CA. For additional information, visit http://www.teletrac.com or contact Teletrac at 1-800-TELETRAC, or via email at djaconi (at) teletrac (dot) com.
About Capital One
Capital One Financial Corporation (http://www.capitalone.com/) is a financial holding company whose subsidiaries, which include Capital One, N.A., Capital One Bank (USA), N. A., and ING Bank, fsb, had $213.9 billion in deposits and $296.6 billion in total assets outstanding as of June 30, 2012. Headquartered in McLean, Virginia, Capital One and ING Direct offer a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has approximately 1,000 branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.
About Wells Fargo Capital Finance
Wells Fargo Capital Finance is the trade name for certain asset-based lending, accounts receivable and purchase order finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior secured financing, accounts receivable financing, purchase order financing and channel finance to companies across the United States and internationally. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting and others. For more information, visit wellsfargocapitalfinance.com.
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