BB&T Capital Markets Serves as a Co-Manager on Newtek Business Services Corporation’s Unsecured Notes Offering
BB&T Capital Markets’ Financial Services Group, serving as a co-manager, completed an unsecured notes “baby bond” offering for Newtek Business Services Corporation in the first quarter of 2018. The underwriters helped to raise $57,500,000 in gross proceeds for our client. The Company has applied for the notes to trade on the Nasdaq, under the symbol “NEWTI”.
NEWT intends to use the net proceeds from this transaction to redeem the outstanding 7.00% notes maturing 2021, to increase its SBA 7(a) lending activity, and make direct investments in its portfolio companies. Total gross proceeds includes the full exercise of the underwriters’ 30-day over-allotment option.
About the Companies
Newtek Business Services Corp., 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. Newtek 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, The Secure Gateway, The Newtek Advantage™, Insurance Solutions, Web Services, and Payroll and Benefits Solutions.
BB&T Capital Markets Financial Services Group has extensive experience providing community banks and thrifts, business development companies, and other specialty finance companies with a full range of public and private capital raising solutions, M&A advisory, fairness opinions and other strategic advisory services.
About BB&T Capital Markets
BB&T Capital Markets offers an integrated platform of equity and debt underwriting, M&A advisory, corporate banking, and sales and trading. Headquartered in Richmond, VA, with offices throughout the US, we have specific expertise within 10 distinct industry verticals including Automotive Aftermarket; Commercial & Industrial; Education; Energy; Financial Services; Food & Agribusiness; Healthcare; Logistics & Transportation Services; Real Estate; and Retail & Consumer. Our commitment to industry expertise, combined with our resources as one of the nation's strongest financial institutions, strategically positions BB&T Capital Markets to build lasting relationships and contribute measurably to the long-term success of our clients.