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SOURCE NextGear Capital, Inc.
CARMEL, Ind., Feb. 22, 2013 /PRNewswire/ -- NextGear Capital, Inc., the most comprehensive provider of lending products and support services for the automotive remarketing industry, is pleased to announce 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 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 commented on this latest financing: "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."
About NextGear Capital:
NextGear Capital is the world's most comprehensive and innovative provider of lending products for vehicle dealers and auctions. With pioneering technology and a total commitment to customer service, NextGear Capital empowers dealers to floor plan vehicles from anywhere, at any time. NextGear Capital lines of credit can be used for a variety of purchases – Retail, Wholesale, Salvage or Specialty. The company was created by the merger of Manheim Financial Services and Dealer Services Corporation, resulting in a dynamic new industry leader that is 100% focused on helping customers shift their business to the next level.
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