First Capital, a specialized commercial finance company, announced it closed its largest secured funding facility to date with the issuance of $283 million in floating rate secured notes in its third term securitization.

The debt includes a senior tranche rated AA by DBRS and two subordinate tranches rated BBB and BB. Guggenheim Securities served as lead initial purchaser in the Rule 144A private placement, and KeyBanc Capital Markets served as co-manager. 

“This deal lowers our cost of funds and extends our debt maturities,” said Glen Stein, chief financial officer of First Capital. “Matthew Perkins and his team at Guggenheim helped us broaden our base of institutional investors and customize our securitization program.  We are a stronger company with this debt on our balance sheet.”

Lee Wilson, CEO and Chairman of First Capital, remarked, “We are seeing healthy demand for loans from middle market businesses.  The new securitization increases our capacity to make working capital loans to entrepreneurial companies and enhances our competitive position.”

First Capital is a specialized commercial finance company positioned to enable entrepreneurs to achieve their goals through working capital lines of credit typically ranging from $2 million to $25 million in the form of asset-based lending and factoring.

Guggenheim Partners, LLC is a privately held global financial services firm with more than $170 billion in assets under management. The firm provides asset management, investment banking and capital markets services, insurance services, institutional finance and investment advisory solutions to institutions, governments and agencies, corporations, investment advisors, family offices and individuals.