First Capital extends $150 million senior secured loan to October 2014

By Marisa Wong

Madison, Wis., Aug. 13 - First Capital said it extended the maturity of its $150 million senior secured credit facility with a group of lenders, including Key Equipment Finance, through October 2014.

"This transaction completes a cycle of debt refinancings totaling $550 million that we began late last year," Glen Stein, chief financial officer of First Capital, said in a press release. "The company has plenty of long term debt, with no debt maturing for the next five quarters."

"These debt refinancing strengthen our balance sheet," commented Lee Wilson, First Capital's chairman and chief executive officer. "We are well positioned to grow our business of lending to entrepreneurs and privately held companies in transition."

"We will be entering the fifth year of our relationship with First Capital and have continued our support as a result of the company's performance and success in the market," added Rian Emmett, managing director of Key Equipment's lender finance unit.

First Capital is a New York-based commercial finance company that provides asset-based lending and factoring services.

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