Daily News: July 1, 2014

MidCap Business Credit Provides ABL to J-PAC

MidCap Business Credit announced it completed a $2 million ABL to J-PAC. In addition to refinancing the previous lender, proceeds will be used to support working capital requirements.

The asset-based credit facility is comprised of a working capital revolver and a machinery and equipment term loan.

The opportunity was sourced and closed out of MidCap’s headquarters, located in West Hartford, CT. MidCap Business Credit was chosen to provide the financing because of its flexibility to support the company through its anticipated growth as well as its speed to close the credit facility.

Somersworth, NH-headquartered JPAC is a contract manufacturer serving the pharmaceutical, medical and diagnostic industries.