Daily News: February 25, 2013

NextGear Closes $1.55 Billion Financing Securitization

NextGear Capital 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 facility complements NextGear’s existing privately-placed AAA rated term bond financing.

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.”

David Horan, chief financial officer of NextGear Capital said, “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.”

NextGear Capital is a provider of lending products for vehicle dealers and auctions.