NewStar Financial Supports $73,500,000 In Senior Financing To TIDI Products
NewStar backs leveraged buyout by Beecken Petty O'Keefe & Co.
Boston, MA, December 29, 2006 NewStar Financial, Inc. (NASDAQ: NEWS), a Boston-based specialty finance company, announces that it is Syndication Agent on a new $73.5 million financing to support the acquisition of TIDI Products, LLC ("TIDI") by Beecken Petty O'Keefe & Company ("BPOC"). TIDI, headquartered in Neenah, WI, is a leading manufacturer of single-use infection control-products for medical and dental distribution. Products include patient exam gowns, examination-table paper, dental bibs, gauze sponges and thermometer sheaths. TIDI's customers include numerous leading healthcare and dental product distributors. Freeport Financial was the Lead Arranger on the $73.5 million financing, which comprises of a $10.0 million revolving credit facility, a $56.0 million term loan A and a $7.5 million last-out term loan. Also joining in the financing as Documentation Agent is CapitalSource Finance."TIDI Products is a great new company relationship for NewStar," said Gregory Pachus, head of NewStar's Middle Market Healthcare group. "TIDI is a leader in the medical and dental infection control paper products manufacturing industry, led by a seasoned and experienced management team and boasting strong market share, long-term client relationships and high-quality products. Beecken Petty is a well-known and knowledgeable sponsor in the healthcare space, and we are very excited about supporting this transaction as it moves forward."Gregory Moerschel, Partner at BPOC said, "We were pleased with NewStar's healthcare expertise that allowed them to work quickly and in sync with Freeport to complete the transaction. We're excited to be working with lenders who truly understand our business."Led by Managing Director Gregory Pachus, NewStar's healthcare deal team consisted of Robert Hornstein and Ernie Panos with analyst support from Dipen Patel and Nicole Gain.
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.
Gaffney Bennett Public Relations