First Capital Provides ABL Facility to Geneva Pipe
First Capital announced it has provided an $8 million asset-based credit facility to Geneva Pipe and Precast, a manufacturer of concrete pipe and concrete cast solutions. The senior credit facility consists of a $4.5 million working capital revolver secured by accounts receivable and inventory and a $3.5 million term loan collateralized by real estate.
First Capital said it was selected by the management of Geneva Pipe and Precast to provide the credit facility because of First Capital’s ability to refinance the previous lender while creating a flexible facility that maximized the liquidity of the company’s assets. The proceeds will be used for completing a realignment of the company’s operations and for working capital needs.