NXT Capital increases debt capacity to USD1.6bn
NXT Capital has increased its total debt financing capacity to USD1.6 billion and expanded its senior secured revolving credit facility from USD650 million to USD740 million.
Agented by Wells Fargo Bank, NA and affiliates, this facility provides funding for NXT’s middle-market senior secured commercial loan portfolio. The increase in size comprised commitments of USD50 million from Capital One Bank and USD40 million from EverBank Commercial Finance (“EverBank”), who now join Co-Arranger SunTrust Bank, BMO Capital Markets Corp. and Key Corp. in NXT Capital’s bank group. In conjunction with this increase, NXT also received reduced pricing and an extension of the maturity date until April 2017.
“The recent upsizing of the credit facility and successful issuance of NXT’s first CLO further diversify NXT Capital’s financing sources and provide over USD1 billion in debt capacity for NXT’s Corporate Finance business alone,” says Neil Rudd (pictured), NXT’s Chief Financial Officer.
“We are very pleased to add Capital One Bank and EverBank to our bank group. Their support for NXT is a welcome endorsement of our platform and future prospects,” says Robert Radway, NXT’s Chairman and CEO. “We also appreciate the bank group’s willingness to improve the terms of the facility commensurate with NXT’s performance and overall financial profile.”
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