NXT Capital has increased its total debt financing capacity to $1.6 billion and expanded its senior secured revolving credit facility from $650 million to $740 million. “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 $1 billion in debt capacity for NXT’s Corporate Finance business alone,” said Neil Rudd, NXT’s Chief Financial Officer.
The increase in the facility is comprised of commitments of $50 million from Capital One Bank and $40 million from EverBank Commercial Finance, 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.
“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,” said 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.”
NXT provides structured financing to middle-market and growth companies through its Corporate Finance, Real Estate Finance and Venture Finance groups, originating transactions directly on a national basis. The company targets senior financing opportunities of up to $150 million with a hold size up to $50 million. NXT Capital is led by former principals of Merrill Lynch Capital and was formed in 2010 by Stone Point Capital and the founding management team. The firm is based in Chicago with offices in New York, Atlanta, Boston, Dallas, Newport Beach and Silicon Valley (www.nxtcapital.com).