NewStar Financial hired veteran banker Paul Horton as a managing director in its leveraged finance group. He will be located in the company’s Darien, CT, office.
NewStar completed a $496 million term debt securitization known as NewStar Commercial Loan Funding 2015-1. Wells Fargo Securities was placement agent and sole book runner.
NewStar Financial reported Q4/14 and full-year net income of $1.2 million and $10.6 million were down from $6.4 million and $24.6 million a year earlier. Earnings were hurt by lower net interest income and higher provision charges.
NewStar Financial closed a $400 million credit with NewStar Clarendon Fund, which resulted in a $3.3 billion increase in loan originations for Q4/14.
NewStar Financial served as lead arranger and administrative agent for senior credit facilities provided to Integro.
NewStar Financial, GSO Capital Partners and Franklin Square Capital Partners completed the closing of a $200 million initial investment as part of a broader strategic relationship.
NewStar Financial, GSO Capital Partners and Franklin Square Capital Partners announced a strategic relationship to expand NewStar’s lower middle market lending and asset management activities.
NewStar Financial reported a Q2/14 net loss of $1.9 million compared to net income of $5.6 million in Q2/13. NewStar said credit costs were higher than expected due to the resolution of a handful of legacy impaired loans.
NewStar Financial increased the size of the NewStar Arlington Senior Loan Program to $400 million and completed a term debt securitization to provide leverage for the program. Wells Fargo Securities was placement agent and sole bookrunner.
NewStar Financial reported that Q1/14 new funded loan volume was $275 million, up 90% from $145 million in the first quarter of 2013. The company said the increase was driven by increasing middle market M&A activity.