Newtek Conventional Lending, LLC Closes $100 Million Revolving Credit Facility with Deutsche Bank
April 29 2019 - 8:30AM
Newtek Business Services Corp. (“Newtek” or the “Company”) (NASDAQ:
NEWT) today announced that Newtek Conventional Lending, LLC,
a joint venture with a subsidiary of BlackRock TCP Capital Corp.,
closed a $100 million senior-secured revolving credit facility with
Deutsche Bank. The new facility includes a $100 million accordion
feature, allowing the JV to increase the borrowing available under
the facility to $200 million.
Newtek Conventional Lending anticipates using the added leverage
to grow its business of originating non-conforming conventional
term loans to small- and medium-sized businesses (SMBs) and
middle-market companies.
Barry Sloane, Chairman, President and Chief Executive Officer of
Newtek, commented, “Based on referral volume and loan demand
in 2018 and early this year, we believe that this new initiative
could be a material and growing contributor to our future
business.”
“We are extremely excited to introduce the launch of this
new loan program,” Sloane continued. “We expect to provide more
detail on this in our upcoming first quarter 2019 earnings
conference call on May 2, 2019 at 8:30am ET.”
Newtek Conventional Lending is the joint venture between Newtek
Commercial Lending, Inc., a wholly-owned subsidiary of Newtek, and
Conventional Lending TCP Holdings, LLC, a wholly-owned affiliate of
BlackRock TCP Capital Corp.
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 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, 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
RelationsContact: Jayne Cavuoto Telephone: (212) 273-8179
/ jcavuoto@newtekone.com
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