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NewtekOne, Inc. Completes Offering of $40 Million of 8.00% Fixed Rate Senior Notes due 2028
BOCA RATON, Fla., Aug. 31, 2023 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (the “Company” or “NewtekOne”) (NASDAQ: NEWT), announced today that it has completed a
About this update from Newtekone, Inc.
[{"type":"text","content":"BOCA RATON, Fla., Aug. 31, 2023 (GLOBE NEWSWIRE) -- 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 ...