First Capital has provided an $8 million asset-based lending facility to a service provider to the oil field services industry. The senior credit facility consists of an $8 million working capital revolver collateralized by accounts receivable.
First Capital was selected as the working capital partner based on its ability to structure a financing solution that provided additional working capital for the company to achieve its growth strategy. This transaction was referred to Christopher McKernan in First Capital’s Seattle, WA office and will be serviced by First Capital’s ABL Western region located in Los Angeles, CA and managed by Matthew Grimes.