Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us


Last $11.34 USD
Change Today -0.16 / -1.39%
Volume 54.3K
NEWS On Other Exchanges
Symbol
Exchange
NASDAQ GS
As of 8:10 PM 05/1/15 All times are local (Market data is delayed by at least 15 minutes).

newstar financial inc (NEWS) Key Developments

NewStar Financial, Inc. Completes Offering of Senior Notes, Consisting of $300 Million Aggregate Principal Amount of 7.25% Senior Notes Due 2020

On April 22, 2015, NewStar Financial, Inc. completed its previously announced offering of senior notes, consisting of $300 million aggregate principal amount of its 7.25% Senior Notes due 2020 (the Notes). The offering resulted in net proceeds to the company of approximately $294.8 million, after deducting estimated costs and expenses associated with the offering, including the initial purchasers' discount and commissions. The Notes were sold within the United States to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the Securities Act), and outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act. The Notes mature on May 1, 2020, and bear interest at a rate of 7.25% per annum, which is payable semi-annually on May 1 and November 1 of each year, beginning November 1, 2015. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. The terms of the Indenture will, among other things, limit the company's ability to (i) incur or guarantee certain kinds of additional indebtedness and issue disqualified stock or preference shares of its subsidiaries; (ii) pay dividends or distributions, repurchase equity, prepay subordinated debt and make certain investments; (iii) enter into transactions with affiliates; (iv) incur liens on assets; (v) engage in a new or different business; or (vi) consolidate or merge with another person or sell or otherwise dispose of all or substantially all of its assets. The company may redeem up to 35% of the aggregate principal amount of the Notes, at any time and from time to time, at a price equal to 107.25% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before May 1, 2017, provided that following the redemption, at least 65% of the Notes that were originally issued remain outstanding and any such redemption occurs within 180 days following the closing of any such public equity offering. At any time prior to May 1, 2017, the company may redeem some or all of the Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after May 1, 2017, the company may redeem the Notes, in whole or in part, in cash at redemption prices specified in the Notes plus accrued and unpaid interest thereon. In addition, if the company undergoes a change of control, the company will be required to make an offer to purchase each holder's Notes at a price equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest, up to but not including the repurchase date.

NewStar Financial, Inc. Announces Pricing of $300 Million Senior Notes

NewStar Financial, Inc. announced that it priced its previously announced offering of senior notes, consisting of $300 million in aggregate principal amount of its 7.25% Senior Notes due 2020. The proceeds, after the payment of fees and expenses, to NewStar of this offering are expected to be approximately $294.1 million. Subject to customary closing conditions, the closing of this offering is expected on or about April 22, 2015. NewStar intends to use the proceeds of this offering, after the payment of fees and expenses, to repay in full its corporate credit facility agented by Fortress Credit Corp. and use the remainder, if any, for general corporate purposes.

NewStar Financial, Inc. Announces $300 Million Offering of Senior Notes

NewStar Financial, Inc. announced the offering of $300 million aggregate principal amount of its senior notes due 2020. The company intends to use the proceeds of this offering, after the payment of fees and expenses, to repay in full its corporate credit facility agented by Fortress Credit Corp. and use the remainder, if any, for general corporate purposes. This announcement is neither an offer to sell nor a solicitation of an offer to buy the Notes. The Notes subject to the offering have not been and will not be registered under the Securities Act of 1933, as amended, or any state securities laws, and are being offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and to non-U.S. persons in offshore transactions in reliance on Regulation. Unless so registered, the Notes may not be offered or sold in the United States or to U.S. persons except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.

NewStar Financial, Inc. Appoints Paul Horton as a Managing Director in its Leveraged Finance Group

NewStar Financial, Inc. announced that it has hired veteran banker Paul Horton as a Managing Director in its Leveraged Finance group with responsibility for generating new financing opportunities with mid-sized companies, private equity firms and other investors in the middle market. He will be located in the Company's Darien, CT office. Mr. Horton has 24 years of experience originating and structuring debt financings for middle market companies backed by private equity firms. Prior to joining the company, he was a Managing Director at RBS Citizens, where he was responsible for originating and executing senior debt capital transactions as a senior member of its Financial Sponsors group.

NewStar Financial, Inc. Completes $496 Million Term Debt Securitization Known as NewStar Commercial Loan Funding 2015-1

NewStar Financial Inc. announced that it completed a $496 million term debt securitization known as NewStar Commercial Loan Funding 2015-1. All floating rate classes of notes were priced at par and the transaction size was increased from $400 million to $496 million to satisfy demand driven by broad participation among institutional investors. NewStar Commercial Loan Funding 2015-1 was NewStar's eleventh securitization since inception and part of a programmatic approach to the company's funding strategy. The notes were backed by a diversified portfolio of commercial loans originated by NewStar. The transaction was executed through a private offering via Rule 144A and Regulation S. Five classes of notes rated Aaa through Baa3 by Moody's and two classes rated AAA by Fitch totaling approximately $410 million were placed. NewStar retained the subordinated interests, which represented approximately 17% of the capital structure, or about $86 million. NewStar Financial will serve as collateral manager of the CLO, which has a 4.1 year reinvestment period. The notes were rated by Moody's Investors Service and the A-1 and A-2 classes were also rated by Fitch. All notes were priced to yield an initial weighted average of approximately LIBOR plus 2.40%.

 

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup
Recently Viewed
NEWS:US $11.34 USD -0.16

NEWS Competitors

Market data is delayed at least 15 minutes.

Company Last Change
Anworth Mortgage Asset Corp $5.14 USD +0.06
Arbor Realty Trust Inc $7.01 USD +0.15
Arlington Asset Investment Corp $21.57 USD -0.11
Dynex Capital Inc $8.02 USD +0.02
RAIT Financial Trust $6.43 USD -0.05
View Industry Companies
 

Industry Analysis

NEWS

Industry Average

Valuation NEWS Industry Range
Price/Earnings 55.2x
Price/Sales 8.4x
Price/Book 0.8x
Price/Cash Flow 49.3x
TEV/Sales NM Not Meaningful
 | 

Sponsored Financial Commentaries

Sponsored Links

Report Data Issue

To contact NEWSTAR FINANCIAL INC, please visit . Company data is provided by Capital IQ. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.