Newtek Business Services Corp. Portfolio Companies Increase Term Loan with Goldman Sachs to $50.0 Million
June 22 2017 - 9:00AM
Newtek Business Services Corp. (“Newtek” or the “Company”),
(Nasdaq:NEWT), an internally managed business development company
("BDC"), today announced that Newtek Merchant Solutions (“NMS”),
Premier Payments LLC (“Premier”), Small Business Lending, LLC
(“SBL”), banc-serv Partners, LLC (“BSP”) and Newtek Technology
Solutions (“NTS”), each a controlled portfolio company, increased
the aggregate principal amount of the term loan facility with
Goldman Sachs Bank USA to $50.0 million from $38.0 million.
Concurrent with the increase in the aggregate principal
amount of this term loan facility, NMS, Premier, SBL, BSP and NTS
received a reduction in the interest rate of between 1.0% and 2.0%
from the present facility. The term of this facility has been
extended through June 21, 2021.
Barry Sloane, Chairman, President and Chief Executive Officer,
said, “This additional financing gives us increased flexibility to
continue to grow our business as we seek synergistic investments in
the business services arena, as well as provides us with additional
general working capital. Our business model continues to
prove its value and, as a result, has enabled us to access capital
at increasingly attractive rates, demonstrated by this rate
reduction in the Goldman Sachs term loan and the interest rate
reduction we received when we increased our revolving credit
facility with Capital One last month.”
About Newtek Business Services
Corp.
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 services and financial products 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 accounts
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), eCommerce, Accounts Receivable
Financing & Inventory Financing, The Secure Gateway, The Newtek
Advantage™, 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, 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.
Investor Relations & Public Relations
Contact: Jayne Cavuoto
Telephone: (212) 273-8179 / jcavuoto@newtekone.com
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