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NewStar Financial Provides Recapitalization Financing To Thermal Solutions

NewStar partners with Madison Capital and Arlington Capital Partners

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Boston, MA, March 28, 2005 - NewStar Financial, Inc. ("NewStar"), a Boston-based commercial finance company, announces that it has provided recapitalization financing to Thermal Solutions, Inc. ("TSI"), a leading defense manufacturer specializing in electronics enclosures and connectivity systems for aircraft. The Company is owned by Arlington Capital Partners.



NewStar acted as Document Agent and provided $7.7 million in financing across facilities comprising a $7.0 million revolver and $9.5 million term loan A and $17 million term loan B for the recapitalization. Audax Mezzanine and Ares also provided $16.5 million of subordinated debt capital.



"NewStar is proud to be associated with the exceptional people at Arlington and TSI," said NewStar Chief Executive Officer Tim Conway. "This transaction allowed us to put our expertise, flexibility, and resources to work on behalf of our partners. We look forward to working with our friends at Arlington and TSI again in the future."



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



TSI was founded in 1960 in Hampton, NH, and has facilities in Illinois and New York. The company utilizes its engineering and design expertise to solve critical design issues for the most cutting edge jet fighter design projects including the F-22 and Joint Strike Fighter.



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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