First Cap­i­tal pro­vides $8 mil­lion credit to Oil Field Ser­vices Provider

The Pak Banker - - Front Page -

LOS AN­GE­LES, CA: First Cap­i­tal, a spe­cial­ized com­mer­cial fi­nance com­pany, an­nounced that it has pro­vided an $8,000,000 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. Chris McKer­nan, Vice Pres­i­dent and Busi­ness Devel­op­ment Of­fi­cer said the com­pany was look­ing for a lender that had ex­pe­ri­ence in cre­at­ing fa­cil­i­ties de­signed spe­cially for com­pa­nies con­cen­trated in the oil and en­ergy sec­tor. The growth and ex­pan­sion of the oil and en­ergy sec­tor across the coun­try is pre­sent­ing new op­por­tu­ni­ties for com­pa­nies that ben­e­fit from the lend­ing pro­grams First Cap­i­tal pro­vides as a pri­vately owned non-bank debt provider.

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