Daily News: May 21, 2012

First Capital Provides $15MM ABL to Oil Field Svs Company

First Capital provided a $15 million asset-based credit facility to a transportation company specializing in oil field services. The credit facility is in the form of an asset-based agreement and is collateralized by the client’s accounts receivable and other assets.

First Capital was selected as the working capital partner based on its ability to customize a flexible package that would allow for sales growth in the future. The company was founded a few years ago and has been experiencing strong growth that necessitated greater availability of working capital and flexibility.

Matt Grimes, SVP and First Capital Western region ABL manager, stated, “The company is in a position to be highly successful. Management’s knowledge of the transportation industry has allowed them to capitalize on opportunities and we are excited to be able to offer the financing that will launch them on their growth strategy.”

This transaction was sourced by Jason Carmona and will be serviced by First Capital’s Western region located in Los Angeles and managed by region manager Ron Garber and as well as Grimes.