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First Capital Renews DZ Bank Line for $125 Million Through 2015

December 05, 2012, 07:26 AM
Filed Under: Industry News

First Capital announced it renewed and extended the maturity to June 2015 on its $125 million senior secured credit facility with DZ BANK. The successful financing was an early extension and demonstrates the support for First Capital by its bank lenders.

With approximately $700 million in assets under management, First Capital is an independent working capital lenders in the United States providing asset-based lending and factoring services. The company’s clients typically have annual revenues ranging from $10 million and $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, chief financial officer 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.

First Capital provides working capital financing typically ranging from $2 million to $25 million primarily to lower-middle market and middle-market companies with annual sales ranging from $10 million to $250 million. Credit facilities are in the form of Asset-Based Loans or Factoring arrangements. First Capital is one of the largest independent asset-based working capital lenders in the United States. Headquartered in New York City, the firm has additional full-service offices in Atlanta, Boynton Beach, Chicago, Ft. Lauderdale, Los Angeles, and Oklahoma City with sales offices located across the United States.

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