CHICAGO, IL – NXT Capital, LLC announced today that it 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.
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 $50 million from Capital One Bank and $40 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 $1 billion in debt capacity for NXT’s Corporate Finance business alone,” said Neil Rudd, 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,” 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 Capital provides structured financing solutions to middle-market and emerging growth companies and real estate investors through its Corporate Finance, Real Estate Finance and Venture Finance groups. Based in Chicago with offices in New York, Atlanta, Boston, Dallas, Newport Beach and Silicon Valley, NXT Capital targets senior financing opportunities of up to $150 million with a hold size up to $50 million.