Daily News: October 15, 2014

First Capital Provides ABL Facility to IT Staffing Firm

First Capital announced that it has provided a $4 million asset-based senior credit facility to a provider of IT staffing personnel. The senior credit facility consists of a $4 million working capital revolver collateralized by accounts receivable.

The company needed to refinance its existing debt facilities to increase the company’s availability and allow for future anticipated growth. First Capital was able to quickly create a tailored financing facility that closed within the company’s tight deadlines and would allow for future flexibility.