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NewStar Financial Leads $8.5 Million Refinancing For Combined Systems, Inc.

NewStar works with Point Lookout Capital Partners to complete transaction

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Boston, MA, April 07, 2006 - NewStar Financial, Inc. ("NewStar"), a Boston-based specialty finance company, announces that it has provided a senior debt refinancing for Combined Systems, Inc. ("CSI"). CSI, under the brand name Combined Tactical Systems, develops and manufactures less-lethal munitions for the military and law enforcement industries. The Company is majority owned by Point Lookout Capital Partners, L.P. ("Point Lookout"), a New York-based investment firm focused on leveraged buyouts and growth investments in middle market companies.



NewStar was the sole lender for the $8.5 million senior credit facilities that included a five-year, $3.0 million revolving loan and a five-year, $5.5 million term loan.



"We are delighted to begin a relationship with Point Lookout Capital Partners and also look forward to working with CSI to meet its capital needs as it pursues future acquisition opportunities," said Tim Conway, chief executive officer of NewStar.



Founded in 1981, CSI is a leading manufacturer of high quality branded products ranging from less-lethal munitions to anti-riot products that serve military forces and law enforcement agencies in the United States and abroad. CSI also manufactures highly engineered fuzes and missile components for customers in the defense industry including the United States government and foreign governments worldwide. The Company has executive offices in Plainview, NY and manufacturing facilities located in Jamestown, PA. For more information please visit www.less-lethal.com or www.pointlookoutcapital.com.



NewStar's deal team for the transaction included Tim Shoyer, Paul Feloney, Scott Trefry and Jason Andreotes.



About NewStar Financial, Inc.:


NewStar Financial, Inc. was formed in June 2004 by a group of senior banking and capital markets executives from leading financial institutions, including FleetBoston Financial, Citigroup and JP Morgan Chase, and leading institutional investors including Capital Z Partners, JP Morgan Corsair Capital Partners and Och-Ziff Capital Management Group. NewStar is focused exclusively on providing customized financing solutions to mid-sized borrowers in three lending groups: Middle Market Corporate, Commercial Real Estate, and Structured Products. For more information, please contact the appropriate individual below.


Corporate Inquiries:
NewStar Financial
Scott Poirier
(617) 848-2525 Press-Related Inquiries:
Gaffney Bennett Public Relations
Chris Riley
(860) 690-0856




Combined Systems, Inc.



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