NextGear Capital has renewed its $1.95 billion securitized bank facility for an additional two years, the company announced in a news release Tuesday (July 19).
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 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.”
David Horan, Chief Financial Officer of NextGear Capital commented on this latest financing.
“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.
This facility, coupled with our ABS bond offerings, provide the growth capital to deliver on our mission of supporting the inventory financing needs of our independent dealer clients.”