Boston, MA, April 25, 2005 - NewStar Financial, Inc. ("NewStar"), a Boston-based commercial finance company, announced today that it has completed a $50 million offering of long-term senior secured notes. With the capital from the offering, NewStar's lending capacity increases to $2 billion.
"Since our formation last June, our flexible and creative financing solutions have been well-received by customers and market participants alike," stated NewStar Chief Executive Officer Tim Conway. "To date, we have completed more than 30 transactions across the country totaling over $325 million in commitments, with an additional $200 million in process."
NewStar's recent transactions include:
"We selected NewStar for their structuring expertise, insights, and ability to respond quickly. Their "can-do approach" and in-depth understanding of our business allowed us to close the acquisition with sufficient liquidity to support our operations going forward", said Frank Doyle, Chief Executive Officer of Connell, L.P.
Michael Eisenson, Chief Executive Officer of Charlesbank Capital Partners LLC added "We solicited proposals from several lenders, however, many of them were ultimately unable to put forth a thoughtful, viable deal. NewStar distinguished themselves by structuring a creative financing that worked best for us."
"NewStar's responsiveness, creativity and knowledge of the media sector make them an excellent partner" said Pat Brubaker, a General Partner of Alta Communications.
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