NextGear Capital, a provider of inventory finance solutions in North America, recently completed the sale of $433 million in privately placed notes. This securitization provides NextGear Capital, a Cox Automotive company, with additional capital and operating flexibility to support the rapid growth of its dealer finance business.
"NextGear Capital is extremely pleased with the bond market's receptivity to our second transaction, following our inaugural issue last November," said David Horan, chief financial officer of NextGear Capital. "This securitization supports our company's rapid growth as we continue to position both ourselves and Cox Automotive as the industry leader when it comes to how the world buys, sells and owns cars. As NextGear Capital rises to meet market demand, we will look to the bond markets for capital to complement the funding from our strong bank group."
This securitization comes less than a year after the company's inaugural bond issue in November 2014, when the company secured a $433 million bond securitization.