NewStar Financial announced it completed a $348 million term loan debt securitization known as NewStar Commercial Loan Funding 2014-1. Wells Fargo Securities was placement agent and sole book runner.
NewStar Financial announced it served as lead arranger and administrative agent for senior credit facilities totaling $38 million to support RLJ Equity Partners’ acquisition of Naylor.
Bloomberg reported that NewStar Financial is extending its sales process into 2014 as it waits until U.S. banks finish government-mandated stress tests.
NewStar Financial announced it amended an existing credit facility with Wells Fargo, increasing the commitment amount by $100 million to $275 million with an accordion feature.
NewStar Financial said it completed a $400 million term debt securitization known as NewStar Commercial Loan Funding 2013-1.
NewStar Financial reported Q2/13 new funded loan volume was $319 million, up from $147 million in Q1/13 and $205 million in Q2/12. Higher volumes reflected an increase in demand for acquisition financing from financial sponsors amid a pickup in M&A activity.
NewStar Financial said it has hired banker Wes Frangul as a managing director in its Chicago office. Frangul will join Jason Wendorf and Eric Barton to broaden NewStar’s regional marketing activities.
Late last year, NewStar Financial announced it intended to add asset-based lending to its product offerings by acquiring CORE Business Credit, causing something of a positive stir in the commercial finance community. ABF Journal asked NewStar’s chairman and CEO Tim Conway and CORE’s Michael Haddad to discuss the rationale behind the acquisition.