Daily News: November 21, 2014

MidCap Completes ABL for Texsport

MidCap Business Credit announced it completed a $4.75 million ABL to Southern Exchange dba Texsport. The revolver is supported with advances against the company’s A/R and inventory.

In addition to refinancing the previous lender, proceeds will be used to support working capital requirements.

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. The opportunity was sourced out of MidCap’s office in Houston.

Houston-headquartered Texsport is a wholesaler of camping and outdoor recreational products.