Financial services provider, First Capital, has renewed a US$175mn senior secured facility with DZ Bank. 

The financing will be used to provide asset-based working capital lines of credit to small and medium-sized businesses. The renewed deal has a tenor of two years and the original facility has been in place since June 2004.

DZ provides the financing by facilitating the issuance of commercial paper.

John Kiefer, chief executive officer of First Capital, comments: “I am quite grateful to DZ Bank for renewing our credit facility and we look forward to a long-term, mutually-beneficial relationship with DZ Bank.”

First Capital is headquartered in Florida, though it has offices throughout the US and a subsidiary in Hong Kong.

It has over US$1bn in committed lines and provides asset-based lending; accounts receivable management, credit protection, international supply chain financing and servicing for clients in North America and Asia.

The refinanced credit line will be used to finance domestic US customers, some of which will be sourcing from overseas or selling to foreign markets.