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First Capital Provides $6.8MM ABL Facility To Valley Oil Company

February 12, 2013, 08:04 AM

First Capital announced it has provided a $6.8 million asset-based credit facility to Valley Oil Company, a fuel and oil products distributor. The senior credit facility consists of a working capital revolver secured by accounts receivable and inventory. The senior credit facility consists of a $6.5 million working capital revolver collateralized by accounts receivable and inventory and a term loan in the amount of $.3 million.

First Capital was selected by the management of the company to provide the credit facility because of its ability to create a flexible facility that provided more liquidity.  The proceeds will be used for working capital needs.

David Braff, vice president and business development officer, stated, “Valley Oil Company has been a top supplier of fuel throughout the Bay Area for over 65 years. We’re happy to be able to offer financing solutions to a company that offers dependable around-the-clock service and delivery to many clients that keep area businesses running.”

“We needed to find a lender that would provide the flexibility to continue dependable service and also allow for future growth,” remarked Bob Christiansen, president of Valley Oil Company. “The First Capital team was able to understand our business and our growth plan, as well as our desire to explore any opportunities including innovative energy solutions”

This transaction was sourced by David Braff and will be serviced by First Capital’s ABL Western Region located in Los Angeles and managed by ABL Western Region Manager Matthew Grimes.

First Capital provides working capital financing typically ranging from $2 million to $25 million primarily to small and middle-market entrepreneurs with annual sales ranging from $10 million to $250 million. Credit facilities are in the form of asset-based loans or factoring arrangements.

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