Summit Electric Supply, a wholesale distributor of electrical supplies used in commercial construction, has secured a $60 million asset-based loan from Bank of America. The Albuquerque, N.M.-based company will use the credit facility to refinance existing debt and provide for working capital needs, according to an announcement made by Bank of America.
“We are confident in management’s ability to successfully grow the business despite volatility in the construction business,” said Joyce White, president, Bank of America Business Capital.
Summit Electric operates 20 distribution facilities in Arizona, Florida, Louisiana, New Mexico and Texas. It offers a full range of electrical products and systems, including lamps and lighting, conduits and fittings, wire and cables, tools and datacom. The company sells primarily to licensed contractors and end users in industrial markets as well as the commercial construction industry.