Daily News: May 7, 2012

MidCap Business Credit Completes $6MM ABL to Cell Phone Recycler

MidCap Business Credit announced today that it has completed a $6 million asset based credit facility to a recycler and reseller of used cell phones and accessories. The asset based line of credit is supported by accounts receivable 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.