Daily News: December 11, 2013

First Capital Provides $6.8MM Facility to Advanced Pipeline

First Capital announced it provided a $6.8 million credit facility to Advanced Pipeline Services consisting of a $5 million working capital revolving line of credit and a $1.8 million term loan.

First Capital was referred to the company by Hasting Equity because of its knowledge and experience in the oil and gas industry. The financing was used to replace the previous lender and to provide additional working capital to fund company growth.

“Advanced Pipeline Services is a great example of the type of company that benefits from First Capital’s flexibility and speed in structuring customized transactions that meet the customer’s specific needs,” remarked Michel Lynch, VP and regional business development officer. “We were able to work with the company to create a facility that not only works for their current financing needs, but also provides for future growth.”

“We were in need of a lender that could understand both our business and our industry,” remarked Don Dickson, CEO of Advanced Pipeline Services. “First Capital was able to provide the additional working capital and flexibility we could not find through traditional lenders.”

First Capital provides working capital financing ranging from $2 million to $20 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 lines of credit.

The transaction will be serviced by First Capital’s ABL Central Region managed by John Curtis, EVP and ABL central region manager.

Sinton, TX-headquartered APS works with O&G exploration and production companies in addition to natural gas transportation companies to maintain and install their pipeline and field processing infrastructure.