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First Capital Provides $8MM Credit Facility to Geneva Pipe and Precast

August 13, 2014, 07:48 AM
Filed Under: Manufacturing

First Capital provided an $8 million asset-based credit facility to Geneva Pipe and Precast, a manufacturer of concrete pipe and concrete cast solutions. The senior credit facility consists of a $4.5 million working capital revolver secured by accounts receivable and inventory and a $3.5 million term loan collateralized by real estate.

First Capital was selected by the management of Geneva Pipe and Precast to provide the credit facility because of First Capital’s ability to refinance the previous lender while creating a flexible facility that maximized the liquidity of the company’s assets.  The proceeds will be used for completing a realignment of the company’s operations and for working capital needs.

“We are really happy with the financing facility we were able to accomplish with First Capital,” stated Kurt Johnson, president of Geneva Pipe and Precast. “Geneva Pipe and Precast has worked hard over the past couple of years to realign our operation to better serve our customers and provide the best products possible. This new facility will allow us to accomplish our current goals as well as meet our growth plan.”

First Capital provides working capital financing ranging from $2 million to $25 million primarily to small and middle-market business owners with annual sales ranging from $10 million to $250 million.  Credit facilities are in the form of Asset-Based loans or Factoring arrangements. 

This transaction was referred to Chris McKernan in First Capital’s Seattle, Washington office and will be serviced by First Capital’s ABL Western Region located in Los Angeles, California and managed by Matthew Grimes. 

First Capital provides customized and timely working capital financing solutions primarily to small and middle-market companies engaged mainly in manufacturing, distributing and business services with annual sales greater than $1 million.  Lines of credit are in the form of asset-based loans, factoring or invoice purchasing arrangements ranging from $200,000 to $25 million.  Originally formed in 1988, First Capital is one of the largest independent asset-based working capital lenders in the country.  Headquartered in New York City, the firm has additional offices in Atlanta, Boynton Beach, Chicago, Dallas, Los Angeles, and Oklahoma City with regional sales offices located across the United States.

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