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NewStar Financial Leads $31 Million Second Lien Financing for Berkshire Blanket, Inc.

NewStar works with Cordova, Smart & Williams, LLC to complete transaction

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(Boston, MA - - December 21, 2006) – NewStar Financial, Inc.(NASDAQ: NEWS), a
commercial finance company, announced it has provided a senior debt refinancing for Berkshire Blanket, Inc. ("Berkshire"). Berkshire Blanket Inc., based in Ware, MA, is one of the nation's leading designers and marketers of premium quality blankets, throws and bedroom related products. The Company is majority owned by Cordova, Smart & Williams, LLC, ("CSW") a New York based private equity firm specializing in buyouts, recapitalizations and growth capital financings."We are pleased to begin a relationship with CSW and the excellent management team at Berkshire. We look forward to meeting the Company's future capital needs as it pursues growth opportunities," said Tim Shoyer, Co-Head of middle market originations at NewStar.NewStar was the Lead Arranger and Administrative Agent for the $31 million second lien senior credit facilities that included a 5-year, $18.0 million Term Loan A and a 5-year, $13.0 million Term Loan B. The second lien term loans were provided in conjunction with a first lien revolving loan arranged by Wachovia Bank.NewStar's deal team for this transaction included Tim Shoyer, Walter Marullo, Ken Pulido and John Koehler.About NewStar Financial, Inc.:
NewStar Financial, Inc. was formed in June 2004 by a group of senior banking and capital market executives from leading financial institutions, including FleetBoston Financial Group, Citigroup and JPMorgan 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. (NEWS-G)Corporate Inquiries:

NewStar Financial

Scott Poirier

(617) 848-2525



Press-Related Inquiries

Gaffney Bennett Public Relations

Annie Donnelly

(860) 416-1365
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