Newtek Secures Approximately $300 Million in Debt Financing to Further its Growth and Objectives for 2023
Newtek Business Services Corp. (NASDAQ: NEWT) announced the closure of over $300 million in leverage facilities for its joint venture, Newtek-TSO II Conventional Credit Partners, and portfolio companies. This includes a $150 million facility for acquiring non-conforming loans, along with $110 million from two credit line amendments and an $18 million credit facility extension. CEO Barry Sloane highlighted the significance of these financings in challenging times, aiming for $600 million in non-conforming loan funding for 2023.
- Closed over $300 million in leveraged debt facilities.
- Secured a $150 million leverage facility for non-conforming loans.
- Amended credit lines totaling $110 million for SBA loans.
- Increased availability of $18 million in credit for Newtek Merchant Solutions.
- None.
BOCA RATON, Fla., Dec. 07, 2022 (GLOBE NEWSWIRE) -- Newtek Business Services Corp. (NASDAQ: NEWT) today announced that its new joint venture, Newtek-TSO II Conventional Credit Partners, LP, has closed a
Barry Sloane, Chairman, President and Chief Executive Officer said, “We are pleased to have successfully closed in excess of
Newtek Business Services Corp., Your Business Solutions Company®, is an internally managed BDC, which along with its controlled portfolio companies, provides a wide range of business and financial solutions under the Newtek® brand to the small- and medium-sized business (“SMB”) market. Since 1999, Newtek has provided state-of-the-art, cost-efficient products and services and efficient business strategies to SMB relationships across all 50 states to help them grow their sales, control their expenses and reduce their risk.
Newtek’s and its portfolio companies’ products and services include: Business Lending, SBA Lending Solutions, Electronic Payment Processing, Technology Solutions (Cloud Computing, Data Backup, Storage and Retrieval, IT Consulting), eCommerce, Accounts Receivable Financing & Inventory Financing, Insurance Solutions, Web Services, and Payroll and Benefits Solutions.
Newtek® and Your Business Solutions Company® are registered trademarks of Newtek Business Services Corp.
Note Regarding Forward Looking Statements
This press release contains certain forward-looking statements. Words such as “believes,” “intends,” “expects,” “projects,” “anticipates,” “forecasts,” “goal” and “future” or similar expressions are intended to identify forward-looking statements. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the plans, intentions and expectations reflected in or suggested by the forward-looking statements. Such risks and uncertainties include, among others, include our ability to close the pending acquisition of the National Bank of New York City (the “Transaction”), obtain required regulatory approvals for the pending Transaction, the timing of the closing of the Transaction, the timing of the Company’s discontinuance from regulation as a BDC under the 1940 Act, projections concerning or considering the pending Transaction, the timing of our ability to originate new investments, achieve certain margins and levels of profitability, the availability of additional capital and the ability to maintain certain debt to asset ratios, intensified competition, operating problems and their impact on revenues and profit margins, anticipated future business strategies and financial performance, anticipated future number of customers, business prospects, legislative developments and similar matters. Risk factors, cautionary statements and other conditions, which could cause Newtek’s actual results to differ from management’s current expectations, are contained in Newtek’s filings with the Securities and Exchange Commission and available through http://www.sec.gov/. Newtek cautions you that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected or implied in these statements.
SOURCE: Newtek Business Services Corp.
Investor Relations & Public Relations
Contact: Jayne Cavuoto
Telephone: (212) 273-8179 / jcavuoto@newtekone.com
FAQ
What recent financing did Newtek Business Services Corp. announce?
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