First Capital provided $20 million asset-based senior credit facility to a specialty seafood distributor. The senior credit facility consists of a $20 million working capital revolver collateralized by accounts receivable and inventory.

The company faced financial and operational hurdles due to the recession and changes in the mix of product demand.  As a result, the company needed to refinance its existing senior debt facilities to better align with its restructured business operations. First Capital was selected as the working capital partner based on its ability to create a structure that would allow for additional liquidity and include in-transit inventory financing.

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.

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 $10 million.  Lines of credit are in the form of asset-based loans, factoring or invoice purchasing arrangements ranging from $200,000 to $25 million.