First Capital Renews $150MM Credit Facility
First Capital said it has extended the maturity of its $150 million senior secured credit facility with a group of lenders, including Key Equipment Finance, through October 2014.
“This transaction completes a cycle of debt refinancings totaling $550 million that we began late last year,” said Glen Stein, chief financial officer of First Capital. “The company has plenty of long term debt, with no debt maturing for the next five quarters.”
First Capital is an independent working capital lender providing asset-based lending and factoring services. The company’s clients typically have annual revenues ranging from $10 million-$250 million and have event-driven needs such as rapid growth or turnaround situations.
“These debt refinancing strengthen our balance sheet,” said Lee Wilson, chairman & CEO of First Capital. “We are well positioned to grow our business of lending to entrepreneurs and privately held companies in transition,”
“We will be entering the fifth year of our relationship with First Capital and have continued our support as a result of the company’s performance and success in the market,” said Rian Emmett, managing director of Key Equipment Finance’s Lender Finance unit.