CapitalSource Leads Increase to ASG Security’s $250MM Facility
CapitalSource closed a $20 million increase to its revolving credit facility with ASG Security, which SDM Magazine ranked as the ninth largest U.S. security company.
Based in Beltsville, Md., ASG offers commercial and residential security solutions and services throughout New England, the Mid-Atlantic region, Texas and Oklahoma. The company has more than 150,000 customers.
ASG now has a $250 million line of credit with CapitalSource and other investors in this facility, which include Bank of America, Citizens Bank, Goldman Sachs, Madison Capital and The PrivateBank. ASG will use the proceeds from the loan extension to continue its growth strategy.
“We have been a CapitalSource customer since 2004, and it’s important for us to have knowledgeable, experienced lenders who understand our space,” said ASG CEO Joe Nuccio. “We look forward to further expanding our relationship as we continue to grow our customer base.”
“The increased loan commitment was underwritten entirely by the existing lenders, which is an indication of our continued confidence in Joe and his strong ASG management team,” said Will Schmidt, managing director for CapitalSource Security Lending Group. “ASG has been excellent at developing relationships within the industry and its performance has consistently been top-tier.”
ASG CFO Ralph Masino added, “The $20 million increase of our loan facility by CapitalSource provides us with the capital we need to continue building our business over the next several years. We appreciate the ongoing support from CapitalSource and other debt partners.”