Daily News: September 23, 2014

First Capital Provides $15.5MM ABL to Barbieri Trucking

First Capital announced it provided a $15.5 million ABL to Nick Barbieri Trucking. The facility consists of a $14 million revolver secured by A/R and inventory, and a $1.5 million term loan secured by machinery and equipment.

First Capital was selected by NBT to provide the facility because of First Capital’s responsiveness to create a flexible facility that will provide working capital to accomplish the next step in their growth plan. Proceeds from the new facility will be used to facilitate the acquisition of Royal Petroleum.

“The team at First Capital was able to deliver on all the requirements we had in a new financing facility and lender,” stated Scott Kelleher, CFO of NBT. “The acquisition of Royal is a natural step in our growth plan and will allow us to increase our customer base while streamlining our operations.”