4 Banks Provide Wyle Labs a $50-Million Line of Credit

Wyle Laboratories went shopping for money to support last summer’s major expansion efforts and walked away Thursday with a $50-million line of credit from four banks.

Wyle, one of the nation’s larger marketers and distributors of high-technology electronic products, will use the money for working capital until 10 locations it opened last June in the Midwest and the East reach the break-even point, said Van Holland, the company’s chief financial officer.

Wyle, which in September moved its corporate headquarters to Irvine from El Segundo, expects to reach that point this summer, Van Holland said.

The line of credit is being provided by Continental Bank in Chicago, Bank of New York, NationsBank in New York and NBD Bank in Detroit.