First Capital Provides $7MM ABL to Don Rose Oil
First Capital announced it has provided a $7 million asset-based credit facility to Don Rose Oil, a distributor of oil, propane and gas. The senior credit facility consists of a working capital revolver secured by accounts receivable and inventory, and a term loan secured by machinery and equipment.
First Capital said it was selected by Don Rose Oil to provide the credit facility because of its ability to create a flexible facility that would increase availability. The proceeds will be used for working capital needs.
“The team at First Capital has been able to create a facility that will help us to accomplish our growth strategy,” stated Don Rose, CEO and president of Don Rose Oil. “The additional availability will put us in a position to increase our customer base and improve relations with our core vendors.”