Boston, MA, September 30, 2005 - NewStar Financial, Inc. ("NewStar"), a Boston-based specialty finance company, announces that it acted as a Joint Lead Arranger and Syndication Agent for a senior credit facility to finance the growth of Specialized Technology Resources, Inc. ("STR") of Enfield, Connecticut. STR is a diversified multinational conglomerate that provides worldwide testing, auditing, and inspection services to major manufacturers and retailers globally and manufactures specialized plastics used in a number of high performance applications.
NewStar teamed with existing lender Webster Bank, N.A., of Waterbury, Connecticut, the Administrative Agent and Joint Lead Arranger in structuring and syndication of the transaction. Other investors included Bank of Ireland, Friedberg Milstein, GSC Partners, and National City.
"NewStar and Webster delivered a financing solution which provided STR with significant flexibility on competitive terms," said Tim Shoyer, co-head of NewStar's middle market practice, "The Company has a thirty year history of sustained revenue and cash flow growth and is led by a management team with experience and depth consistent with a company of much greater size."
Joining Shoyer on NewStar's deal team for the transaction were Paul Feloney, Paul Holian, and Michael Purcell
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.
Gaffney Bennett Public Relations