Newtek Business Services, an internally managed business development company, entered into an agreement to acquire National Bank of New York City for $20 million in cash. The acquisition is part of a plan to reposition Newtek as a bank holding company.
Newtek Business Lending, a portfolio company of Newtek Business Services that originates and funds SBA 504 loans, closed a $100 million credit facility with Deutsche Bank. The facility will be used to fund SBA 504 loans and has an initial two-year term.
Newtek Business Services announced that Premier Payments and Newtek Merchant Solutions closed $50 million in financing arranged by Webster Bank.
Newtek Business Services signed a letter of intent for a proposed $75 million senior secured revolving credit facility through Capital One.
Goldman Sachs increased its commitments under a term loan facility for portfolio companies of Newtek Business Services by $12 million for a total of $50 million.
Newtek Business Services announced its lending subsidiary, Newtek Small Business Finance, received approval/documentation from Capital One to increase its existing revolver to $50 million.
Newtek Business Services announced that it has entered into a $20 million credit agreement with Capital One, which consists of a $10 million term loan and a $10 million revolving credit facility.