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NewStar Financial Leads New Financing For Bustos Media, LLC

NewStar Partners with three leading sponsors and Wells Fargo Foothill

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Boston, MA, January 21, 2005 - NewStar Financial, Inc. ("NewStar"), a Boston-based commercial finance company, announced that it has arranged a $105.0 million senior financing for Bustos Media , LLC, a Sacramento based Spanish-language radio company which owns and operates radio stations in the mid-size, but high growth, markets throughout the United States. NewStar was Co-Arranger of the financing with Wells Fargo Foothill.

The new $105 million senior secured facility consists of a $10 million revolver, $30 million Term Loan, and a $65 million delayed draw term loan. Proceeds from the financing will be used for station acquisitions and general working capital purposes and were made alongside equity investments from Providence Equity Partners, Alta Communications, and Opportunity Capital.

"The Bustos financing is a great example of NewStar's strategy of playing a leadership role in structuring and arranging a complex financing for a company with a proven management team and strong equity investor group in an industry where we have expertise." said NewStar's Chief Executive Officer, Timothy Conway.

Pat Brubaker, a General Partner of Alta Communications said, "NewStar's responsiveness, creativity and knowledge of the media sector make them an excellent partner in this transaction."

NewStar's deal team for the transaction included David Dobies, Andre Paquette, Robert Milordi, and Michael Chen.

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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