First Capital Provides $6.8 Million Credit Facility to Advanced Pipeline Services
First Capital, a national commercial finance company, has provided a $6.8 million 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,” said 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.”
Advanced Pipeline Services has completed a number of successful projects for many major oil and gas exploration and production companies and natural gas transportation companies in the last 10 years, including Chesapeake Energy, Kinder Morgan, Mark West Energy Partners and more.
“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.
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