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First Capital Provides $10MM A/R Purchase Facility to Specialty Chemical Manufacturer

October 23, 2013, 07:17 AM
Filed Under: Chemicals

First Capital, a national commercial finance company, announced it has provided a $10 million Accounts Receivable Purchase Facility to the U.S.subsidiary of a global manufacturer of specialty chemicals. The facility is in the form of a non-notification factoring agreement and is collateralized by a dedicated pool of the client’s accounts receivable.

First Capital was referred to the company by a European-based finance company because of First Capital’s ability to quickly develop a structure for the client’s U.S. based accounts receivable that complimented their European-based facility. The facility provided the client, a global manufacturer of specialty chemicals, with liquidity to fund strategic initiatives. The company is owned by a Private Equity Group and was prompted to find suitable funding.

This is the third “true sale” transaction completed by First Capital in the last two years. First Capital was chosen as the lender due to its ability to provide the latest facility on account of creative structure and proven capability to meet the closing deadlines required by the client.

This transaction was referred to Calvin Navatto and will be serviced by First Capital’s Factoring Eastern Region.

First Capital provides working capital financing typically ranging from $2 million to $20 million primarily to small and middle-market entrepreneurs with annual sales ranging from $10 million to $250 million.

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