NextCard Completes $220 Million Credit Card Securitization Facility;
Increases Available Conduit Financing To Approximately $700 Million
SAN FRANCISCO, Nov 16, 1999 (BUSINESS WIRE) -- NextCard(R), Inc.
(Nasdaq:NXCD), creator of the First True Internet Visa(R), today
announced it has closed a $220 million asset-backed conduit facility
through First Union Securities, Inc., the investment banking subsidiary
of First Union Corporation.
The conduit facility will be used to fund credit card receivables at
competitive commercial paper-based interest rates. This is the third
facility that NextCard has completed this year, increasing the amount
of funding available through this type of financing to $670 million.
"We are excited about the completion of this transaction, as these
facilities are an integral part of our diversified funding strategy,"
said John Hashman, chief financial officer of NextCard, Inc. "We
continue to expand our financing capacity with cost effective funding
sources as we prepare ourselves for future growth opportunities."
NextCard, Inc.
NextCard, Inc. (http://www.nextcard.com), creator of The First True
Internet Visa in 1997, is considered the industry's leading issuer of
consumer credit on the Internet. The Company has continued to innovate
with its complete GoShopping!(SM) Web site, NextCard Concierge online
wallet and companion, personalized PictureCard(SM) design and
exceptional online customer service.
NextCard is consistently a top 10 online advertiser, operates a network
of over 20,000 affiliates and has exclusive card relationships with
leading brands including Amazon.com and DILBERT.
The company publishes the NextCard eCommerce Index(SM), the premier
source of online transaction activity and was named a "HOT 100 Company"
by Upside magazine and one of "The Standard 100" most important and
influential companies in the Internet economy by The Industry Standard
magazine.
NextCard was recently named the No. 1 credit card brand that PC users
would consider for use, according to ZDNet's (NYSE:ZDZ) BrandIQ
research study. (http://www.nextcard.com)
The Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995. Information contained herein as to NextCard's
expectations and goals are forward-looking statements. Actual results
could differ from those projected in these statements due to portfolio
characteristics, economic conditions, competition in the industry and
other factors detailed from time to time in the Company's Securities
and Exchange Commission filings.
Note to Editors: Trademarks are the property of their respective
owners.
Copyright (C) 1999 Business Wire. All rights reserved.
Distributed via COMTEX.
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CONTACT: NextCard, Inc.
Michelle DesMarais, 415/836-9792 (Media)
michelle.desmarais@nextcard.com
Investor Relations, 415/836-9700
investorrelations@nextcard.com
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