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NextGear Capital Inc., a provider of lending products and support services for the automotive remarketing industry, recently announced that NextGear Floorplan Master Owner Trust successfully completed the sale of $433.3 million of privately placed 144A Asset-Backed Notes, Series 2014-1. 

Rated by Moody’s and DBRS, the securitization transaction included the issuance of $400 million of “Aaa/AAA” rated Class A Notes as well as $33.333 million of subordinated “A2/A” rated Class B Notes.

“NextGear Capital is extremely pleased at the bond market’s receptivity to our inaugural bond issue,” said David Horan, CFO of NextGear Capital, in a press release. “We are delighted with the level of investor interest as well as the pricing and the execution of the transaction.”

This news comes just months after the Cox Automotive company announced the completion of a $1.75 billion securitization facility to support the rapid growth of its dealer finance services.