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First Capital Provides $16.25MM ABL to Manufacturer Of Uniforms, Other Work Apparel

June 05, 2013, 08:03 AM
Filed Under: Manufacturing
Related: First Capital

First Capital, a specialized commercial finance company, announced that it has provided $16.25 million asset-based senior credit facility to a manufacturer of uniforms and other work apparel.  The senior credit facility consists of a $15 million working capital revolver collateralized by accounts receivable and inventory, and a term loan in the amount of $1.25 million collateralized by real estate and machinery and equipment.

The company faced financial and operational hurdles due to the recession and changes in customers’ purchasing practices.   As a result, the company needed to restructure their financing facilities to align with restructured business operations. First Capital was selected as the working capital partner based on its ability to create a flexible structure that would replace previous financing commitments and allow the company to capitalize on market opportunities.

This transaction was sourced by Mark Pickering and will be serviced by First Capital’s Eastern Region, managed by John Nooney and located in Atlanta, Georgia.

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. Headquartered in New York City, the firm has additional market offices in Atlanta, Boynton Beach, Ft. Lauderdale, Los Angeles, and Oklahoma City with sales offices located across the United States.

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