BOCA RATON, Fla., Jan. 15, 2021 — Newtek Enterprise Providers Corp. (NASDAQ: NEWT), an internally managed enterprise growth firm (“BDC”), supplies Newtek CEO’s, Barry Sloane, feedback on the Firm’s pricing of its $100 million public providing of 5.50% Notes due 2026 (the “Notes”). Newtek expects to record the Notes on the Nasdaq International Market underneath the buying and selling image “NEWTZ.”
Barry Sloane, President, Chairman and CEO, of Newtek commented, “We’re happy to announce the pricing of our $100 million bond transaction at 5.50%, which, for us, is report in measurement for a publicly traded child bond issuance in addition to a record-low coupon. This issuance was rated BBB+ by Egan Jones, and garnered sturdy institutional demand. We anticipate utilizing the web proceeds from the sale of the Notes to fund investments in debt and fairness securities in accordance with our funding goal and methods, and should use the web proceeds to completely or partially pay down, retire, or redeem sure of our excellent indebtedness, together with our excellent 6.25% Notes due 2023. Our funding goal and methods embrace opportunistic progress throughout all lending applications, together with merchandise reminiscent of SBA 7(a) loans, SBA 504 loans, secured strains of credit score and our non-conforming standard mortgage program that we anticipate relaunching in calendar yr 2021, after having to droop this program as a result of pandemic.”
Mr. Sloane continued. “We’re at present targeted on positioning the Firm for its exercise within the “second draw” of the Paycheck Safety Program (“PPP”) funding, and are experiencing sturdy curiosity in “first-draw” PPP loans as properly. Whereas it’s too early to find out what our whole demand will in the end be, we’ve obtained a number of thousand functions for PPP financing which have been stuffed out and signed by potential debtors. At the moment, we’ve financing to put to fund upwards of 100% of every PPP mortgage with participation certificates for buyers. We’re optimistic about our progress prospects going into 2021, and we’re properly capitalized to perform our aims for the remaining a part of 2021.”
Mr. Sloane concluded, “We need to thank our sole book-running supervisor, Keefe, Bruyette & Woods, Inc., and Ladenburg Thalmann & Co. Inc., the lead co-manager, and Compass Level Analysis & Buying and selling, LLC, co-manager, for effectuating this transaction. We’re trying ahead to 2021, and are enthusiastic about assembly the challenges which are forward of us.”
About Newtek Enterprise Providers Corp.
Newtek Business Services Corp., Your Enterprise Options Firm®, is an internally managed BDC, which together with its managed portfolio firms, supplies a variety of enterprise and monetary options underneath the Newtek® model to the small- and medium-sized enterprise (“SMB”) market. Since 1999, Newtek has supplied state-of-the-art, cost-efficient services and environment friendly enterprise methods to SMB relationships throughout all 50 states to assist them develop their gross sales, management their bills and scale back their danger.
Newtek’s and its portfolio firms’ services embrace: Business Lending, SBA Lending Solutions, Electronic Payment Processing, Technology Solutions (Cloud Computing, , IT Consulting), eCommerce, Accounts Receivable Financing & Inventory Financing, Insurance Solutions, Web Services, and Payroll and Benefits Solutions.
Word Concerning Ahead Wanting Statements
This press launch incorporates sure forward-looking statements. Phrases reminiscent of “believes,” “intends,” “expects,” “tasks,” “anticipates,” “forecasts,” “aim” and “future” or comparable expressions are meant to establish forward-looking statements. All forward-looking statements contain plenty of dangers and uncertainties that might trigger precise outcomes to vary materially from the plans, intentions and expectations mirrored in or urged by the forward-looking statements. Such dangers and uncertainties embrace, amongst others, intensified competitors, working issues and their affect on revenues and revenue margins, anticipated future enterprise methods and monetary efficiency, anticipated future variety of clients, enterprise prospects, legislative developments and comparable issues. Threat components, cautionary statements and different situations, which might trigger Newtek’s precise outcomes to vary from administration’s present expectations, are contained in Newtek’s filings with the Securities and Trade Fee and accessible by http://www.sec.gov/. Newtek cautions you that forward-looking statements aren’t ensures of future efficiency and that precise outcomes or developments could differ materially from these projected or implied in these statements.
SOURCE: Newtek Enterprise Providers Corp.
Investor Relations & Public Relations Contact: Jayne Cavuoto Phone: (212) 273-8179 / [email protected]