CapitalSource Increases ASG Security’s $270MM Facility
CapitalSource announced that it closed a $20 million increase to its revolving credit facility with ASG Security. The company plans to use the additional capacity to continue executing on its growth plans over the next several years.
Beltsville, MD-based ASG offers residential and commercial security solutions and services throughout New England, the Mid-Atlantic region, Texas, Oklahoma and Louisiana.
ASG now has a $270 million line of credit. CapitalSource and the existing lenders were joined by Capital One Bank, TD Bank and Bank of Oklahoma as part of this increase.
“It’s important for us to have knowledgeable and experienced lenders who understand our space, which is why we have partnered with CapitalSource since 2004,” said ASG CEO Joe Nuccio. “We appreciate the support we have received from the existing bank group and look forward to working with our new lending partners.”
“There was strong demand from the lending community to join the ASG loan facility as demonstrated by the fact that the increase was substantially over-subscribed,” said Will Schmidt, managing director for CapitalSource Security Lending Group. “This was not a surprise given the company’s strong performance, excellent management team and the favorable lending environment.”
The CapitalSource Security Lending Group works with middle-market companies across multiple verticals and provides a broad range of products to address the complex challenges of the security industry.