NewtekOne, Inc. Completes Offering of $40 Million of 8.00% Fixed Rate Senior Notes due 2028
August 31 2023 - 10:18AM
NewtekOne, Inc. (the “Company” or “NewtekOne”) (NASDAQ: NEWT),
announced today that it has completed a registered public offering
of $40.0 million aggregate principal amount of its 8.00% Fixed Rate
Senior Notes due 2028 (the “Notes” and the “Offering”). The Notes
will mature on September 1, 2028 and may be redeemed by the
Company, in whole or in part, at any time on or after September 1,
2025 at a redemption price equal to 100% of the outstanding
principal amount to be redeemed plus accrued and unpaid interest.
The Notes will bear interest at a rate of 8.00% per year payable
quarterly on each March 1, June 1, September 1 and December 1,
beginning December 1, 2023.
NewtekOne intends to list the Notes on the Nasdaq Global Market®
under the trading symbol “NEWTI” within 30 days of issuance. The
Company intends to use the net proceeds from this offering for
general corporate purposes. Piper Sandler & Co., B. Riley
Securities, Inc., and Ladenburg Thalmann & Co. Inc. acted as
joint book-running managers for the offering.
Barry Sloane, President, Chairman and CEO commented, “We are
very pleased that in a difficult market environment, in conjunction
with Piper Sandler, B. Riley Securities, and Ladenburg Thalmann, we
were able to complete an order book within hours of the public
announcement of the transaction. We are also pleased that the
underwriters exercised their overallotment option, which resulted
in $40 million of the Notes to be issued in the offering in the
aggregate. We have adequate capital to grow our business across our
lending programs and great flexibility and opportunity for future
growth of our non-conforming lending originations. We look forward
to focusing on this important aspect of our business in our
upcoming conference calls.”
The Notes were offered by the Company pursuant to a registration
statement filed with the Securities and Exchange Commission (the
“SEC”) that became effective on July 27, 2023. The Offering was
made only by means of a prospectus supplement and accompanying
prospectus. A copy of the prospectus supplement and accompanying
prospectus may be obtained free of charge at the SEC's website at
www.sec.gov or from the underwriters by contacting Piper Sandler
& Co. at 1251 Avenue of the Americas, 6th Floor, New York, NY
10020, or by calling toll-free 866-805-4128, or by email at
fsg-dcm@psc.com.
About NewtekOne, Inc.
NewtekOne®, Your Business Solutions Company®, is a financial
holding company, which along with its bank and non-bank
consolidated subsidiaries, (collectively, “NewtekOne”), provides a
wide range of business and financial solutions under the Newtek®
brand to the small- and medium-sized business (“SMB”)
market. Since 1999, NewtekOne 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.
NewtekOne’s and its subsidiaries’ business and financial
solutions include: banking (Newtek Bank, N.A.), 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®, NewtekOne®, Newtek Bank®, National
Association, Your Business Solutions Company® and One Solution for
All Your Business Needs® are registered trademarks of NewtekOne,
Inc.
Note Regarding Forward-Looking
Statements
Certain statements in this press release are
“forward-looking statements” within the meaning of the rules and
regulations of the Private Securities Litigation and Reform Act of
1995. These statements are based on management’s current
expectations and are subject to uncertainty and changes in
circumstances. These statements are not guarantees of future
results or occurrences. Actual results and capital and other
financial conditions may differ materially from those included in
these statements due to a variety of factors. Factors that could
cause NewtekOne, Inc’s actual results to differ materially from
those described in the forward-looking statements can be found in
NewtekOne, Inc.’s Annual Report on Form 10-K for the year ended
December 31, 2022 and subsequent filings filed with the Securities
and Exchange Commission which are available on NewtekOne, Inc’s
website (https://investor.newtekbusinessservices.com/sec-filings),
and on the Securities and Exchange Commission’s website
(www.sec.gov). Any forward-looking statements made by or on behalf
of NewtekOne, Inc. speak only as to the date they are made, and
NewtekOne, Inc. does not undertake to update forward-looking
statements to reflect the impact of circumstances or events that
arise after the date the forward-looking statements were made.
SOURCE: NewtekOne, Inc.
Investor Relations & Public
RelationsContact: Jayne Cavuoto Telephone: (212) 273-8179
/ jcavuoto@newtekone.com
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