Daily News: February 12, 2013

First Capital Provides $6.8MM ABL to Valley Oil Company


First Capital provided a $6.8 million asset-based credit facility to Valley Oil Company, a fuel and oil products distributor. The senior credit facility consists of a working capital revolver secured by accounts receivable and inventory.

The facility consists of a $6.5 million working capital revolver collateralized by accounts receivable and inventory and a term loan in the amount of $300,000.

“Valley Oil Company has been a top supplier of fuel throughout the Bay Area for over 65 years,” David Braff, VP and BDO at First Capital. “We’re happy to be able to offer financing solutions to a company that offers dependable around-the-clock service and delivery to many clients that keep area businesses running.”

First Capital provides working capital financing typically ranging from $2 million to $25 million primarily to small and middle-market entrepreneurs.