Daily News: November 14, 2012

NewStar Provides $12MM to Logical Choice Technologies

NewStar Business Credit, a wholly owned subsidiary of NewStar Financial, announced that it has provided $12 million of senior secured financing to Logical Choice Technologies (LCT). LCT is a consultant and reseller of technology solutions to school districts for use in classrooms.

The credit facilities consist of a revolving line of credit, which will be used to meet working capital requirements and provide expansion capital to support growth.

“We are very excited to work with NewStar. Their progressive thinking and understanding of how our business operates makes them an ideal partner for Logical Choice Technologies. We look forward to a long and mutually rewarding relationship with the NewStar team,” said Cynthia B. Kaye, Logical Choice Technologies CEO.

“Advances in education are being aided, in many cases, by technology and NewStar is happy to have a role in supporting LCT’s efforts to advance technology that helps improve education,” stated Milton Iskra, EVP and national marketing manager for NewStar Business Credit. Steve Brown, the senior vice president in NewStar’s Atlanta office, originated the transaction.

NewStar Business Credit provides asset-based and senior secured “stretch” loans nationally to middle-market companies with credit requirements between $5 million and $25 million.