Daily News: August 26, 2014

First Capital Provides ABL Facility to Pipes Distributor

First Capital announced that it has provided an $8.85 million asset-based senior credit facility to a regional distributor of pipes, valves and fittings. The senior credit facility consists of an $8 million working capital revolver collateralized by accounts receivable and inventory and an $850,000 term loan.

The company needed to refinance its existing senior debt facilities to increase the company’s availability and allow for short-term liquidity. First Capital was able to quickly create a tailored financing facility that permitted additional structural advantages over the previous lender.

This transaction was sourced by Mark Pickering and will be serviced by First Capital’s Eastern Region, managed by John Nooney and located in Atlanta, Georgia.