BOCA RATON, Fla., Jan. 15, 2021 (World NEWSWIRE) — Newtek Business Products and services Corp., (NASDAQ: NEWT), an internally managed company development enterprise (“BDC”), nowadays declared the pricing of its community giving of $100 million in mixture principal quantity of 5.50% Notes Owing 2026 (the “Notes”). The Notes will experienced on February 1, 2026 and may well be redeemed in total or in portion at any time or from time to time at Newtek’s alternative on or soon after February 1, 2022, on not considerably less than 30 times nor additional than 60 days prepared see by mail prior to the day mounted for redemption thereof, at a redemption price tag equal to the pursuing amounts, furthermore accrued and unpaid curiosity to, but excluding, the redemption day: (1) 100% of the principal quantity of the Notes to be redeemed moreover (2) the sum of the existing price of the scheduled payments of desire (unique of accrued and unpaid fascination to the date of redemption) on the Notes to be redeemed from the redemption date until February 1, 2023, discounted to the redemption day on a semi-once-a-year foundation (assuming a 360-day year consisting of twelve 30-day months) employing the relevant Treasury Charge as well as 50 foundation details provided, nevertheless, that if Newtek redeems any Notes on or just after February 1, 2023 (the day slipping 3 several years prior to the maturity day of the Notes), the redemption price tag for the Notes will be equal to 100% of the principal amount of money of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the day of redemption. The Notes will bear desire at a rate of 5.50% for each 12 months payable quarterly. Newtek has also granted the underwriters a 30-working day solution to acquire up to an additional $15 million in combination principal amount of the Notes to deal with overallotments, if any. Newtek intends to use the internet proceeds from the sale of the Notes to fund investments in financial debt and fairness securities in accordance with its expense goal and approaches. Newtek may perhaps use the net proceeds to fully or partially pay back down, retire, or redeem sure of its exceptional indebtedness, which include the superb 6.25% Notes thanks 2023 (the “2023 Notes”). As of January 12, 2021, Newtek had roughly $57.5 million of aggregate principal amount superb, moreover accrued interest, of 2023 Notes, which experienced on March 1, 2023 and bear desire at a amount of 6.25%. Newtek may well also use the web proceeds for general corporate applications, including earning direct investments in portfolio corporations.
The closing of the transaction is issue to customary closing problems, and the Notes are predicted to be delivered on or about January 22, 2021. Newtek expects to list the Notes on the Nasdaq International Current market less than the trading symbol “NEWTZ.”
Keefe, Bruyette & Woods, Inc., A Stifel Firm, is performing as the sole e book-managing manager for this offering. Ladenburg Thalmann & Co. Inc. is acting as the guide co-manager, and Compass Point Exploration & Investing, LLC is performing as co-supervisor.
A shelf registration statement relating to this presenting was declared productive by the Securities and Trade Fee. The presenting is staying built only pursuant to a prospectus complement and related prospectus to be filed by Newtek with the Securities and Exchange Fee. This push release shall not constitute an provide to market or the solicitation of an supply to obtain any securities nor will there be any sale of these securities in any jurisdiction in which this sort of offer you, solicitation or sale would be unlawful prior to registration or qualification below the securities legal guidelines of any this kind of jurisdiction.
Copies of the prospectus supplement and accompanying prospectus relating to the supplying may be received, when out there, from the e book-working supervisor or any of the co-professionals as follows: Keefe, Bruyette & Woods, Inc., Attn: Personal debt Capital Markets, 787 7th Avenue, 4th Flooring, New York, NY 10019, (phone range: 1-800-966-1559) Ladenburg Thalmann & Co. Inc., Interest: Syndicate Section, 277 Park Avenue, 26th Floor, New York, NY 10172, telephone: 212-409-2000, email: [email protected] Compass Position Investigation & Investing, LLC, 1055 Thomas Jefferson Road NW, Suite 303 Washington, D.C. 20007, e mail: [email protected], phone: 202 540 7300.
Investors are encouraged to diligently take into consideration the financial investment goal, threats, costs and bills of Newtek just before investing. The preliminary prospectus health supplement dated January 14, 2021 and the accompanying prospectus dated June 9, 2020, which have been submitted with the Securities and Trade Commission, incorporate this and integrate by reference other info about Newtek and need to be go through cautiously just before investing.
The info in the preliminary prospectus complement, the accompanying prospectus and this press release is not entire and may well be improved.
About Newtek Small business Providers Corp.
Newtek Business Products and services Corp., Your Business Answers Company® , is an internally managed BDC, which alongside with its controlled portfolio providers, offers a wide assortment of company and money methods less than the Newtek® brand to the small- and medium-sized company (“SMB”) sector. Since 1999, Newtek has delivered point out-of-the-art, cost-economical solutions and solutions and successful business enterprise strategies to SMB relationships across all 50 states to aid them develop their income, management their expenditures and lessen their possibility.
Newtek’s and its portfolio companies’ items and solutions incorporate: Business Lending, SBA Lending Options, Electronic Payment Processing, Technology Methods (Cloud Computing, Details Backup, Storage and Retrieval, IT Consulting), eCommerce, Accounts Receivable Financing & Inventory Financing, Insurance Solutions, Web Expert services, and Payroll and Rewards Remedies.
Newtek® and Your Company Answers Company®, are registered emblems of Newtek Organization Solutions Corp.
Take note Concerning Ahead Hunting Statements
This press release has specified ahead-seeking statements. Terms these kinds of as “believes,” “intends,” “expects,” “projects,” “anticipates,” “forecasts,” “goal” and “future” or identical expressions are meant to detect ahead-looking statements. All ahead-on the lookout statements require a amount of dangers and uncertainties that could bring about real outcomes to differ materially from the ideas, intentions and anticipations mirrored in or prompt by the ahead-searching statements. Such pitfalls and uncertainties incorporate, between other people, intensified competition, running issues and their impact on revenues and earnings margins, predicted potential organization techniques and economic performance, predicted upcoming amount of clients, business enterprise potential customers, legislative developments and related matters. Chance things, cautionary statements and other conditions, which could induce Newtek’s real benefits to differ from management’s present anticipations, are contained in Newtek’s filings with the Securities and Exchange Commission and accessible through
. Newtek cautions you that forward-seeking statements are not assures of foreseeable future performance and that genuine benefits or developments might vary materially from these projected or implied in these statements.
Supply: Newtek Business Solutions Corp.
Trader Relations & Public Relations
Make contact with: Jayne Cavuoto
Phone: (212) 273-8179 / [email protected]