BOCA RATON, FL and NEW YORK, NY, May 23, 2011 – First Capital, a specialized commercial finance company, announced today that it has renewed and extended the maturity from June 2012 to June 2013 on its $150 million senior secured credit facility with DZ BANK. The successful financing was an early extension and demonstrates the support for First Capital by its bank lenders.
With approximately $875 million in assets under management, 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-$100 million and have event-driven needs such as rapid growth or turnaround.
“We have generated significant growth over the last year as evidenced by our recent announcement of $330 million in new client credit lines since May of 2010,” said Lee Wilson, President & CEO of First Capital. “Renewing this financing facility with DZ BANK supports our profitable growth strategy with secured funding for the coming years.”
“The early renewal improves our funding stability by extending our debt maturities and laddering them,” added Glen Stein, Chief Capital Markets Officer of First Capital. “DZ BANK and First Capital have enjoyed a strong and mutually-beneficial relationship for close to seven years. Their continued support provides us the funding we use to fuel the working capital needs of small and medium-sized businesses.”
“We are very pleased to extend our commitment to First Capital for an additional year,” said Christian Haesslein, Vice President in DZ BANK’s Asset Securitization Group. “It is important to the bank to continue to support middle-market companies and to allow entrepreneurs with good business plans to obtain financing for their businesses and create new job opportunities.”
Financial institutions interested in providing senior-secured credit facilities to First Capital may contact Glen Stein at (561) 623-1871.
About First Capital
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 $3-$15 million in the form of asset-based lending and factoring. A team of approximately 200 professionals is committed to understanding our clients’ business plans and providing timely and consistent funding decisions. Our size and scope make First Capital the preferred working capital partner - small enough to build deep personal relationships and big enough to deliver the ideal solutions. Our commitment is to build long-lasting, mutually-beneficial relationships with clients and their advisors. First Capital differentiates itself from competitors with a performance-based culture and values-driven focus that provides the foundation for our growth and will continue to guide our vision for the future. Headquartered in Boca Raton, Florida, the firm has additional full-service offices in New York, Los Angeles, Atlanta and Oklahoma City with sales offices located across the United States. For more information, please visit www.firstcapital.com.
About DZ BANK
DZ BANK is the fifth largest bank in Germany and is acting as central bank for approximately 1,000 cooperative banks. As a cooperative commercial bank DZ BANK is a well-known partner in Germany and abroad and can count on a long lasting business experience of almost 125 years. DZ BANK maintains branches, subsidiaries and representative offices in the key financial centers and the most important economic regions throughout the world. DZ BANK's own network of outposts is supplemented by equity partnerships, cooperation agreements with partner banks, and a network of correspondent banks which spans the globe. DZ BANK's Asset Securitization Group offers lender finance, structured asset and accounts receivable financing for a wide variety of clients and asset types. For more information, please visit www.dzbank.com.