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eCapital provides $18m ABL to forged-steel parts maker

The facility used an existing equipment appraisal to close on the borrower's timeline; proceeds included a partial sponsor equity repatriation.

$18MAsset-based facility for a turnaround manufacturer

At a glance

  1. The $18 million facility used accounts receivable, inventory and an existing equipment appraisal as collateral, with raised advance rates on receivables and added inventory borrowing capacity.
  2. For allocators with exposure to asset-based credit, recovery depends on appraised equipment, receivables and inventory; this financing leaned on an equipment appraisal already on file.
  3. The borrower sells into oil and gas, power generation and industrial markets, so the equipment and inventory securing the loan are exposed to those cycles.

eCapital provided an $18 million asset-based lending facility to a southern U.S. manufacturer of forged steel components serving oil and gas, power generation and industrial markets, ABF Journal reported on Oct. 23.

The $18 million facility used accounts receivable, inventory and an existing equipment appraisal as collateral, with raised advance rates on receivables and added inventory borrowing capacity. Part of the proceeds went to a partial repatriation of sponsor equity.

For allocators with exposure to asset-based credit, recovery depends on appraised equipment, receivables and inventory; this financing leaned on an equipment appraisal already on file. The report does not disclose the rate, tenor or how much of the facility was new liquidity versus sponsor repatriation.

The borrower sells into oil and gas, power generation and industrial markets, so the equipment and inventory securing the loan are exposed to those cycles.

ItemDetail
LendereCapital
BorrowerSouthern U.S. manufacturer of forged steel components (unnamed)
Facility$18 million asset-based revolving credit
Collateral termsEnhanced advance rates on receivables; added inventory capacity; existing equipment appraisal used
Use of proceedsLiquidity for turnaround and growth; partial repatriation of sponsor equity
SourceABF Journal, Oct. 23, 2026

Reported by the Private Credit & BDCs desk from ABF Journal. Published . Updated Oct 24, 2026 · 3:29 p.m. ET. Corrections

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