Davis Polk advised Ingram Micro Inc. and Ingram Funding Inc. in amending Ingram Micro’s revolving trade account receivable-backed financing program. Amending this financing program will extend its maturity date to November 1, 2015, will increase the financing program’s limit to $675 million with permitted future increases of up to $900 million, and make other changes to permit future inclusion of foreign obligor receivables and to adjust the dilution reserve applicable to the receivables pool. The Bank of Nova Scotia will serve as the new administrative agent under the amended financing program.
Ingram Micro Inc. is the largest global information technology (IT) wholesale distributor by net sales as of the end of 2011, providing sales, marketing and logistics services for the IT industry worldwide.
The Davis Polk corporate team included partners James A. Florack and Jason Kyrwood, counsel David R. Wiles and associates Meyer C. Dworkin, Kate M. Supnik and Kathryn C. Chiu. Katherine S. Stewart was the legal assistant on the transaction. All members of the Davis Polk team are based in the New York office.
