CapitalSource, a Los Angeles-based commercial lender to small- and mid-sized businesses, announced today that it has closed a $20 million increase to its revolving credit facility with ASG Security. The company plans to utilize the additional capacity to continue executing on its growth plans over the next several years.
Based in Beltsville, Md., ASG offers residential and commercial security solutions and services throughout New England, the Mid-Atlantic region, Texas, Oklahoma and Louisiana. The company has more than 170,000 customers.
ASG now has a $270 million line of credit. CapitalSource and the existing lenders were joined by Capital One Bank, TD Bank and Bank of Oklahoma as part of this increase.
“It’s important for us to have knowledgeable and experienced lenders who understand our space, which is why we have partnered with CapitalSource since 2004,” said ASG CEO Joe Nuccio. “We appreciate the support we have received from the existing bank group and look forward to working with our new lending partners.”
“There was strong demand from the lending community to join the ASG loan facility as demonstrated by the fact that the increase was substantially over-subscribed,” said Will Schmidt, managing director for CapitalSource Security Lending Group. “This was not a surprise given the company’s strong performance, excellent management team and the favorable lending environment.”
ASG CFO Ralph Masino added, “The $270 million revolving credit facility, along with the ability to add an additional $30 million if needed in the future, provides us the flexibility to pursue larger acquisition opportunities. We appreciate the ongoing support from CapitalSource and our other debt partners.”
The CapitalSource Security Lending Group works with middle-market companies across multiple verticals and provides a broad range of products to address the complex challenges of the security industry. It specializes in providing innovative debt facilities to companies who protect life, property, information and the U.S. homeland.