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Goldman Sachs Provides Upsize to Newtek Term Loan Facility

June 23, 2017, 07:00 AM
Filed Under: Lender Finance

Newtek Business Services Corp., an internally managed business development company, announced that Newtek Merchant Solutions, Premier Payments LLC, Small Business Lending, LLC, banc-serv Partners, LLC and Newtek Technology Solutions, 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.

Barry 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 last month.”

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