City Electric Group Limited Closes $1.25 Billion Senior Secured Global Asset-Based Revolving Credit Facility Led by Wells Fargo
Strategic global financing further strengthens City Electric Group’s financial foundation, providing liquidity and flexibility to support customers across its 1,200+ locations.
DALLAS, Texas, Feb. 17, 2026 (GLOBE NEWSWIRE) -- City Electric Group Limited (CEG), a leading electrical products wholesaler serving commercial, industrial, and residential customers, today announced the successful closing of a $1.25 billion senior secured global asset-based lending (ABL) revolving credit facility. Wells Fargo acted as agent on the facility. PNC and JPMorgan were named joint lead arrangers, with Truist and HSBC serving as co-documentation agents.
“The participation and support of these global financial institutions underscore the strength of our banking relationships and the quality of CEG’s business model, operational discipline, leadership, and long-term outlook,” said Phil Flaherty, global chief financial officer. “This closing expands our liquidity and flexibility to support product availability and service levels for our customers worldwide, and continued investment in our branch network.”
Kurt Marsden, head of Wells Fargo Capital Finance, shared, “Wells Fargo is pleased to continue to support City Electric Group and play a role in optimizing CEG's capital structure across multiple global jurisdictions.”
A global facility built for a global operating footprint
CEG serves customers through a network of more than 1,200 branches, including more than 750 across North America, nearly 400 in the United Kingdom, and approximately 60 branches across Europe and Australia.
The facility, which has a five-year maturity from closing, provides a coordinated financing platform across eligible jurisdictions including the United States, Canada, the United Kingdom (including Jersey), Ireland, the Netherlands, Spain, and Australia.
Historically, CEG utilized separate financings across its major jurisdictions. The new facility refinanced those jurisdictional credit facilities under a single agreement to support operating efficiency and the company’s next chapter of growth.
“CEG has built a durable platform grounded in local service and an expanding global footprint,” added Global Chief Executive Officer Jeremy Saunders. “This facility reflects strong market confidence in our strategy and our ability to continue scaling—while staying focused on the customers and communities we serve.”
About City Electric Group Limited
City Electric Group Limited (CEG) is a family-owned electrical wholesale business founded in 1951. With a global network of more than 1,200 branches, CEG serves residential, commercial, and industrial customers across a broad geographic footprint while maintaining a distinct local focus.
CEG’s model is built on the trust customers place in the company and a service culture designed to help customers succeed—through product availability, knowledgeable support, and practical solutions to real jobsite challenges. The company offers access to products from hundreds of leading brands, alongside experienced on-site support and an unwavering emphasis on customer-first service. Grounded in family principles and powered by its people, CEG remains focused on being a dependable partner to the electrical trade—locally, nationally, and globally.
Janan Buisier City Electric Group (CEG) 214-462-7052 Media@cityelectricsupply.com
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