NewStar Financial Supports $55,000,000 In Senior Financing To Seaboard International
NewStar backs leveraged buyout by Industrial Growth Partners
Boston, MA, June 12, 2007 NewStar Financial, Inc. (NASDAQ: NEWS), a Boston-based specialty finance company, announces its participation in a new $55.0 million financing to support the acquisition of Seaboard International, Inc. ("Seaboard") by Industrial Growth Partners ("IGP").Seaboard, based in Houston, TX, is a premier manufacturer of highly engineered oil and gas wellhead equipment used in onshore and shallow water applications. The Company's customers include the leading independent E&P firms operating in the Gulf Coast region.NewStar acted as Documentation Agent on the Freeport Financial led $55.0 million financing, which included a $10.0 million revolving credit facility and a $45.0 million term loan."Seaboard is a great new relationship for NewStar," said Jeff French, head of NewStar's Middle Market West Coast operation. "Seaboard is a leader in its industry with proven quality manufacturing capabilities, led by a seasoned and experienced management team that maintains long-term client relationships. IGP is a well-known and knowledgeable sponsor in the oil field services space, and we are very excited about teaming with them in supporting this transaction as it moves forward."William A. Lundstrom of IGP said, "We were pleased with NewStar's energy 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."The team for this transaction was led by Jeff French, Managing Director of NewStar's energy deal team which consisted of Peter Nightingale and Ken Pulido with analyst support from Nicole Gain.About NewStar Financial, Inc.:
NewStar Financial is a specialized commercial finance company focused exclusively on meeting the complex financing needs of customers in the middle market through our corporate, commercial real estate, and structured products groups. Our senior banking teams call directly on customers to provide advice and finance a range of strategic transactions that may require some combination of senior secured, second lien and mezzanine financing. NewStar typically works with customers with financing needs of up to $150 million and cash flow as low as $5 million. We target 'hold' positions of up to $35 million, but may also underwrite or arrange transactions up to $100 million for syndications to other lenders. We are headquartered in Boston MA, with regional offices in Darien CT, Chicago IL, San Francisco CA, San Diego CA, and Charleston SC. In December of 2006, NewStar completed an Initial Public Offering. The Company's shares trade on the NASDAQ under the ticker symbol, NEWS. Please visit our website at www.newstarfin.com
for more detailed transaction and contact information.
Robert K. Brown
Gaffney Bennett Public Relations