Daily News: December 3, 2014

First Capital Provides ABL to Tire Distributor

First Capital announced it provided a $21 million asset-based senior credit facility to a distributor of tires and supplies for the automotive, agricultural and professional industries. The senior credit facility consists of a working capital revolver collateralized by accounts receivable and inventory.

The company needed to refinance its existing debt facilities to support ongoing working capital needs. First Capital was able to create a tailored financing facility that would permit the company to continue to realign its operations and allow for future flexibility.

This transaction was sourced by Nick McDearis and will be serviced by First Capital’s Eastern Region, managed by John Nooney and located in Atlanta, GA.