Boston, MA, June 14, 2005 - NewStar Financial, Inc. ("NewStar"), a Boston-based commercial finance company, announces that it has assisted Blue Point Capital Partners in the refinancing of Trek Diagnostic Systems, Inc. Trek is a global manufacturer and distributor of automated systems.
NewStar was the sole lender for $16.5 million in facilities comprising a $3.5 million revolving loan and a $13 million term loan. NewStar's credit facilities will refinance Trek's current debt and generate significant financial savings for the company.
"This transaction reduces Trek Diagnostic's cost of capital and increases their flexibility to execute their business plan," said Tim Shoyer, co-head of middle market for NewStar. "NewStar was able to anticipate and meet the needs of both our clients and partners in this deal in an efficient manner, resulting in a successful transaction for everyone involved."
NewStar's deal team for the transaction included Mark Cordes, Paul Holian, Robert Hornstein and Michael Chen.
Trek, formed in 1999 and based in Cleveland, Ohio, also produces consumable products for microbiology diagnostic laboratories.
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