Newtek Business Services Corp. Portfolio Companies Increase Term Loan with Goldman Sachs to $50.0M

6/22/17

LAKE SUCCESS, N.Y., June 22, 2017 (GLOBE NEWSWIRE) -- Newtek Business Services Corp. (Nasdaq:NEWT), an internally managed business development company, today 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.”

About Newtek Business Services Corp.

Newtek 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.

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