NextGear Capital recently closed a $1.55 billion securitized bank facility.
Led by the Bank of Tokyo-Mitsubishi, the company highlighted the two-year securitized facility provides flexibility and tremendous lending capacity through a large six bank syndicate.
Executives noted the new bank facility complements the existing privately placed AAA-rated term bond financing that NextGear Capital has in place through 2013.
Commenting on the new facility, Greg Hurst with the Bank of Tokyo securitization group said, “The banks were thrilled with the opportunity to participate in this facility and partner with such a great company known for its strong management team. The banks view our relationship with NextGear Capital as a long-term partnership, and we look forward to being a part of NextGear Capital’s growth plans.”
NextGear Capital chief financial officer David Horan added, “With the responsibility of supporting a growing dealer body of over 17,000 across North America, it is critical that NextGear Capital has a strong bank group that fully understands our business and is committed to our growth objectives, both short- and long-term.
“We have accomplished that goal with these banking relationships and this new facility,” Horan concluded.