SINTON, Texas and OKLAHOMA CITY, Dec. 10, 2013 /PRNewswire/ -- First Capital, a national commercial finance company, announced it has provided a $6,800,000 credit facility to Advanced Pipeline Services, LLC, a provider of construction, installation, and maintenance services for oil and gas pipeline and field processing infrastructure. The senior credit facility consists of a $5 million working capital revolving line of credit and a $1.8 million term loan.
First Capital was referred to the company by Hasting Equity because of First Capital's knowledge and experience in the oil and gas industry. The financing was used to replace the previous lender and to provide additional working capital to fund company growth.
"Advanced Pipeline Services is a great example of the type of company that benefits from First Capital's flexibility and speed in structuring customized transactions that meet the customer's specific needs," remarked Michel Lynch, Vice President and Regional Business Development Officer. "We were able to work with the company to create a facility that not only works for their current financing needs, but also provides for future growth."
"We were in need of a lender that could understand both our business and our industry," remarked Don Dickson, CEO of Advanced Pipeline Services. "First Capital was able to provide the additional working capital and flexibility we could not find through traditional lenders."
First Capital provides working capital financing ranging from $2 million to $20 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 lines of credit.
This transaction will be serviced by First Capital's ABL Central Region managed by John Curtis, EVP and ABL Central Region Manager. For further information relating to this deal or interest in other financing provided by First Capital's ABL Central Region, please contact Mr. Curtis at (405) 917-1104.
About First Capital
First Capital provides working capital financing typically ranging from $2 million to $20 million primarily to small and middle-market entrepreneurs with annual sales ranging from $10 million to $250 million. Credit facilities are in the form of Asset-Based Loans 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, Los Angeles, and Oklahoma City with other sales offices located across the United States. For more information, please visit www.firstcapital.com.
SOURCE First Capital