NewStar Financial Provides $17 Million Financing For The Acquisition Of Silent Preferred Partners
NewStar supports financing for Audax Group
Boston, MA, December 15, 2006 NewStar Financial, Inc. (NASDAQ: NEWS), a Boston-based specialty finance company, announces that it has provided the financing to support Audax Group's acquisition of Silent Preferred Partners, LLC ("SPP").
Silent Preferred Partners LLC ("SPP") headquartered in Salem, Virginia, operates two facilities in the United States and one in Canada that assemble axles, chassis, and diesel engines for Class 8 truck manufacturers. SPP's assembly work is complex and highly customized, with more than 200 assembly operations per unit and more than 95% of daily production consisting of unique configurations. Jerry M. Callahan, Chief Executive Officer of SPP, will continue to lead the management team.
NewStar was sole lender for the new $17 million senior secured credit facilities which included a 5-year $5 million revolver and a 5-year $12 million term loan.
"This transaction is a great example of NewStar's flexible approach and our ability to meet the complex financing needs of our clients," said Tim Shoyer, co-head of middle market originations of NewStar. "SPP is led by a strong operator with great experience and we look forward to working with Audax and the management team going forward."
NewStar's deal team for this transaction included Tim Shoyer, Paul Feloney, Scott Trefry and Mahesh Ramchandani.
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 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.
About Audax Group:
Audax Group, founded in 1999, is a leading investor in middle market companies. With offices in Boston and New York, Audax manages in excess of $2.4 billion in equity and mezzanine debt capital. For more information visit the Audax Group website www.audaxgroup.com
Gaffney Bennett Public Relations