Services Corp. Portfolio Companies Increase Term Loan with Goldman Sachs to
SUCCESS, N.Y., June 22, 2017 (GLOBE NEWSWIRE) -- 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.
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
About Newtek Business Services Corp.
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
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.