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NewStar Financial Delivers Second Lien Solution To InteliStaf

NewStar teams with JP Morgan to provide ABL / 2nd Lien capital structure

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Boston, MA, April 27, 2005 - NewStar Financial, Inc. ("NewStar"), a Boston-based commercial finance company, announces that it has provided recapitalization financing to InteliStaf Healthcare, Inc. ("InteliStaf"), the nation's largest private healthcare staffing company. InteliStaf is owned by the Carlyle Group, a private equity firms with nearly $30 billion in assets under management.



NewStar provided a $15 million, 2nd lien facility with $13 million funded at close and an option to draw $2 million in additional funds to further repay outstanding mezzanine. JP Morgan provided a $50 million ABL facility.



"The InteliStaf transaction is a great example of the NewStar approach to working with leading financial institutions," said middle market co-head Tim Shoyer. "We provided our partners with exactly what they needed - flexible solutions in a timely manner."



NewStar's deal team for the transaction included Mark Cordes, Keith Cox, Paul Feloney, and Michael Purcell.



Founded in 1989, InteliStaf Healthcare is headquartered in Oakbrook Terrace, Illinois with offices in 14 locations throughout the country. The company provides per diem and travel staffing, as well as managed outsourcing of hospital contingency staff.



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


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