CARMEL, Ind. -

NextGear Capital on Tuesday announced the recent closing of its $1.95 billion securitized bank facility.

Led by The Bank of Tokyo-Mitsubishi, the company highlighted the two-year securitized facility is designed to provide “flexibility and tremendous lending capacity” through a large, six-bank syndicate.

The company added the amended bank facility complements the existing privately placed AAA rated ABS term bond financings that NextGear Capital has in place through 2019.

Commenting on the new facility, Greg Hurst with The Bank of Tokyo securitization group noted, “The banks were thrilled with the opportunity to participate in this facility and partner with such a great company that is 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,” Hurst continued.

NextGear Capital chief financial officer David Horan explained what the facility means for what the company can do for dealerships.

“With the responsibility of supporting a growing dealer body of over 23,000 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,” Horan said.

“This facility, coupled with our ABS bond offerings, provides the growth capital to deliver on our mission of supporting the inventory financing needs of our independent dealer clients,” he went on to say.