SAN FRANCISCO - November 2, 2010
As part of its Commercial Banking focus on the technology industry, Wells Fargo & Company (NYSE: WFC) said today it recently led a group of banks in providing a $1 billion line of credit to Symantec Corp. (Nasdaq: SYMC). Based in Mountain View, Calif., Symantec is a global leader in security, storage, and systems management solutions.
“Wells Fargo’s process, insight, and advice enabled us to obtain market-leading terms and pricing on this line of credit, allowing us to replace a previous credit line,” said Drew Del Matto, Symantec’s corporate treasurer.
“Symantec and Wells Fargo are both customer-driven companies,” said Eric Houser, executive vice president of Wells Fargo’s Technology Banking group, based in San Jose, Calif. “We’re pleased to help Symantec with its working capital needs as it helps more people and organizations worldwide secure and manage information.”
Symantec is using the $1 billion line of credit, which was issued in September, for general corporate purposes.
Wells Fargo Commercial Banking continues to expand its business with technology companies and is looking for more opportunities, according to Houser. Wells Fargo has relationships with more than 60 percent of the companies listed in the “Silicon Valley 150,” an annual ranking of Silicon Valley companies by the San Jose Mercury News.
“For the past three decades, Wells Fargo has supported the technology industry,” said Houser. “Leading this transaction for Symantec demonstrates our diverse capital market capabilities and the ability to support our customers, regardless of size.”
Wells Fargo’s Technology and Venture Banking Group, based in the Bay Area, serves a broad range of financial services for technology, clean technology, software, mobile, life sciences, and venture capital companies nationwide.
“We’re investing billions in technology companies from their early stages to the Fortune 500 level, because it’s the right thing to do for our environment, our economy, and our communities,” said John Adams, executive vice president and head of Wells Fargo’s Technology and Venture Banking Group.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.2 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 278,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 19 on Fortune’s 2009 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.