Daily News: February 20, 2014

First Capital Provides $20MM ABL to Seafood Distributor

First Capital announced that it provided a $20 million asset-based senior credit facility to a specialty seafood distributor that consists of a $20 million working capital revolver collateralized by A/R and inventory.

The company faced financial and operational hurdles due to the recession and changes in the mix of product demand. As a result, the company needed to refinance its existing senior debt facilities to better align with its restructured business operations. First Capital was selected as the working capital partner based on its ability to create a structure that would allow for additional liquidity and include in-transit inventory financing.

First Capital provides working capital financing ranging from $2 million to $25 million primarily to small and middle-market business owners with annual sales ranging from $10 million to $250 million. Credit facilities are in the form of asset-based loans or factoring arrangements.

This transaction was sourced by Mark Pickering and will be serviced by First Capital’s Eastern region, managed by John Nooney and located in Atlanta.