First Capital announced that it renewed and extended the maturity to June 2015 on its $125 million senior secured credit facility with DZ BANK. The financing was an early extension and demonstrates the support for First Capital by its bank lenders, the company said in a press release.
With approximately $700 million in assets under management, First Capital is an independent working capital lender in the United States providing asset-based lending and factoring services. The company’s clients typically have annual revenues ranging from $10 million to $250 million and have event-driven needs such as rapid growth or turnaround situations.
“We’ve already made over 30 new loans so far this year and we have a very solid pipeline,” said Lee Wilson, chairman & CEO of First Capital. “Renewing this facility will help us grow our business of financing entrepreneurs and privately held companies.”
“We’ve enjoyed a strong relationship with DZ BANK for over eight years,” added Glen Stein, CFO of First Capital. “The long maturity of this facility with DZ BANK improves our funding stability. It strengthens our ability to fund the working capital needs of small- and medium-sized businesses.”
“We are very pleased to extend our commitment to First Capital for an additional two years,” said Christian Haesslein, vice president at DZ BANK in Structured Finance – Asset Securitization.
DZ BANK is the fourth largest bank in Germany and is acting as central bank for approximately 1,000 cooperative banks.