Wells Fargo Capital Finance Agents $165 Million for Nexteer Auto
Thursday, February 23, 2012
The Business Finance unit at Wells Fargo Capital Finance agented a $165 million senior secured, revolving credit facility to Nexteer Automotive. In addition to Wells Fargo Capital Finance, Comerica Bank and Citizens Bank of Michigan also participated in the financing.
Based in Saginaw, Mich., Nexteer Automotive Corporation is a multi-billion-dollar global steering and driveline business solely dedicated to electric and hydraulic steering systems, steering columns and driveline products for original equipment manufacturers. Its 9,800 workforce serves more than 60 customers in every major region of the world. Nexteer Automotive's customers include GM, Fiat, Ford, Toyota, Chrysler and PSA Peugeot Citroen, as well as automakers in India, China, and South America.
"Nexteer has experienced a couple record-breaking years for new business as global demand for our green electric power steering technology has grown," said William Whalen, Nexteer CFO. "Wells Fargo Capital Finance understood our business and was very responsive to our needs. With a focus on execution, Nexteer will use this facility to deliver on our commitments, expand production and continue the growth of our business."
"We are so pleased to be the lead lender to Nexteer Automotive," said Peter Seckel, managing director at Wells Fargo Capital Finance. "Because we were able to understand the company's growth strategy and the underlying industry dynamics, we efficiently delivered a structure that accomplished Nexteer's financing needs. It turned out to be a natural fit."