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Key EF Participates in First Capital Credit Facility Renewal

August 13, 2013, 06:57 AM
Filed Under: Industry News

First Capital, a specialized commercial finance company, announced today that it extended the maturity of its $150 million senior secured credit facility with a group of lenders, including Key Equipment Finance, through October 2014.

“This transaction completes a cycle of debt refinancings totaling $550 million that we began late last year,” said Glen Stein, Chief Financial Officer of First Capital.  “The company has plenty of long term debt, with no debt maturing for the next 5 quarters.”

First Capital is one of the largest 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-$250 million and have event-driven needs such as rapid growth or turnaround situations.

“These debt refinancing strengthen our balance sheet,” said Lee Wilson, Chairman & CEO of First Capital.   “We are well positioned to grow our business of lending to entrepreneurs and privately held companies in transition,”

“We will be entering the fifth year of our relationship with First Capital and have continued our support as a result of the company’s performance and success in the market,” said Rian Emmett, Managing Director of Key Equipment Finance’s Lender Finance unit.

First Capital provides working capital financing typically ranging from $2 million to $25 million primarily to mid-sized companies with annual sales ranging from $10 million to $250 million. Credit facilities are in the form of Asset-Based Lines 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 market 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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