NewStar Financial reported total new funded loan volume was approximately $319 million in Q2/13 compared to $147 million in the prior quarter and $205 million in the Q2/12. The company noted that higher volumes reflected an increase in demand for acquisition financing from financial sponsors amid a pickup in M&A activity following a slow first quarter.
Highlights from the NewStar news release included the following:
“We made significant progress on our key objectives this quarter. New loan volume rebounded strongly as M&A activity picked up and our productivity improved with the addition of three new bankers. We expanded our asset management activities with the launch of a new credit fund and completed a $200 million debt financing,” said Tim Conway, NewStar’s chairman and chief executive officer. “Revenue grew, margins widened and our stock has performed well as developments in the market reinforce the value of asset origination platforms like NewStar,” he concluded.
To read the entire NewStar Financial news release, click here.