ePlus Announces New Credit Agreement with National City
Bank, Agent
HERNDON, VA - September 26, 2005 - ePlus inc. (Nasdaq NM: PLUS - news) a leading
provider of Enterprise Cost Management solutions, announced today that it has
terminated its existing $45 million credit facility, and simultaneously entered
into a new, coterminus, $35 million credit facility. The new, two-bank facility
includes current participants National City Bank, which will continue as Agent,
and Branch Banking and Trust Company ("BB&T"). National City Bank has increased
its commitment to $20 million from $15 million, and BB&T has continued to commit
$15 million to the facility.
Kleyton L. Parkhurst, ePlus' treasurer, stated "With strong cash flow and
profitability over the past few years, we've had very little borrowing in the
old facility. In anticipation of renewing the credit facility next year, and to
make it as attractive as possible in the bank syndication market, we decided to
reduce the size of the facility. We believe the new facility is sized to
accommodate our business as well as allow us to syndicate the loan on the most
favorable terms available. We appreciate the continued strong support of
National City Bank and BB&T, which have been, and will continue to be, great
bankers to ePlus."
About National City Bank
National City Corporation (NYSE: NCC), headquartered in Cleveland, Ohio, is one
of the nation's largest financial holding companies. The company operates
through an extensive banking network primarily in Ohio, Indiana, Illinois,
Kentucky, Michigan, Missouri and Pennsylvania, and also serves customers in
selected markets nationally. Its core businesses include commercial and retail
banking, consumer finance, asset management and mortgage financing and
servicing. For more information about National City, visit the company's Web
site at www.nationalcity.com.
About Branch Banking and Trust
BB&T Corporation, headquartered in Winston-Salem, N.C., is a fast growing,
highly profitable financial holding company with more than $105 billion in
assets. Its bank subsidiaries operate more than 1,400 financial centers in the
Carolinas, Virginia, West Virginia, Kentucky, Georgia, Maryland, Tennessee,
Florida, Alabama, Indiana and Washington, D.C. BB&T ranks No. 2 in market share
in North Carolina, No. 3 in South Carolina, No. 2 in Virginia/Washington, D.C.,
No. 3 in Kentucky, No. 1 in West Virginia, No. 6 in Georgia and No. 6 in
Maryland. More information is available at www.BBandT.com.
About ePlus inc.
A leading provider of Enterprise Cost Management, ePlus provides a comprehensive
solution to reduce the costs of purchasing, owning, and financing goods and
services. ePlus Enterprise Cost Management (eECM) packages business process
outsourcing, eProcurement, asset management, product and catalog content
management, supplier enablement, strategic sourcing, financial services and
document access and collaboration into a single integrated solution, all based
on ePlus' leading business application software. The company is headquartered in
Herndon, VA, and has more than 30 locations in the U.S. For more information,
visit www.eplus.com, call 888-482-1122 or email info@eplus.com.
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ePlus (R) and ePlus Enterprise Cost Management (R) are registered trademarks of
ePlus inc.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: Statements in this press release, which are not historical facts, may be
deemed to be "forward-looking statements". Actual and anticipated future results
may vary due to certain risks and uncertainties, including, without limitation,
the existence of demand for, and acceptance of, our services; our ability to
adapt our services to meet changes in market developments; the impact of
competition in our markets; the possibility of defects in our products or
catalog content data; our ability to hire and retain sufficient personnel; our
ability to protect our intellectual property; the creditworthiness of our
customers; our ability to raise capital and obtain non-recourse financing for
our transactions; our ability to realize our investment in leased equipment; our
ability to reserve adequately for credit losses; fluctuations in our operating
results; our reliance on our management team; and other risks or uncertainties
detailed in our Securities and Exchange Commission filings.
Contact: Kley Parkhurst, SVP
ePlus inc.
kparkhurst@eplus.com
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703-984-8150