First Capital, a commercial finance company, provided an $8 million asset-based lending facility to an oil field services industry provider. The senior credit facility consists of an $8 million working capital revolver collateralized by accounts receivable.
First Capital was selected as the working capital partner based on its ability to structure a financing solution that provided additional working capital for the company to achieve its growth strategy.
Chris McKernan, vice president and business development officer stated, “The company was looking for a lender that had experience in creating facilities designed specifically for companies concentrated in the oil and energy sector. The growth and expansion of the oil and energy sector across the country is presenting new opportunities for companies that benefit from the lending programs First Capital provides as a privately owned non-bank debt provider.”