Daily News: September 3, 2014

First Capital Provides $6MM Facility to H2Origins Seafood

First Capital announced it has provided a $6 million asset-based credit facility to H2Origins Seafood, a sustainably-raised seafood distributor.

The senior credit facility consists of a $6MM working capital revolver secured by accounts receivable and inventory.

First Capital was selected by the management of H2Origins to provide the credit facility due to First Capital’s ability to increase the current working capital revolver and provide additional liquidity.

“I and all of the employees of H2Origins Seafood remain very excited about our future growth plans which would not have been made possible without First Capital’s understanding and commitment to our business,” stated Chris December, president of H2Origins. “First Capital and its team delivered on creative financing terms that will allow H2Origins Seafood to continue to meet aggressive growth plans all the while delivering to our customers the world’s most delicious seafood products.”

Matthew Grimes, EVP and ABL Western Region Manager remarked, “We are proud to be part of H2Origins’ financing strategy. Chris and the whole management team at H2Origins have worked hard to create a streamlined operations plan that will ensure the distribution of quality seafood to its customers.”