NextGear Capital Closes $1.55 Billion Financing Securitization
CARMEL, Ind. — 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.
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