NextGear Capital, Inc., a provider of lending products and support services for the automotive remarketing industry, announced the recent closing of its $1.55 billion securitized bank facility. Led by The Bank of Tokyo-Mitsubishi, the two year securitized facility provides flexibility and tremendous lending capacity through a large six bank syndicate. 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, 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."
David Horan, Chief Financial Officer of NextGear Capital, commented on this latest financing. "With the responsibility of supporting a growing dealer body of more than 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."