NewStar Financial Serves as Sole Lead Arranger and Administrative Agent in Senior Financing of Casedhole Solutions
NewStar Supports Recapitalization by Intervale Capital
Boston, MA, July 16, 2008 NewStar Financial, Inc. (NASDAQ: NEWS), a Boston-based specialty finance company, announces that it has acted as Sole Lead Arranger and Administrative Agent for a new senior financing in support of Intervale Capital's ("Intervale") recapitalization of Casedhole Solutions, Inc. ("Casedhole"). Intervale Capital is a private equity firm based in Houston, TX and Boston, MA. Currently investing out of its $280mm fund, Intervale is focused exclusively on investments in middle-market oilfield services companies and related technologies.
Casedhole Solutions, Inc., based in Weatherford, Oklahoma, offers a comprehensive suite of wireline services to its customers, including well perforation, completion and pipe recovery services. The rapidly-growing company serves major oil and gas fields out of operations in Weatherford, OK, Vernal, UT and Decatur, TX. Casedhole enjoys a broad customer base of exploration and production companies and has particular expertise in high-temperature and high-pressure wells.Curtis Huff, a managing partner of Intervale Capital, commented, "Casedhole Solutions is an excellent fit with Intervale's strategy of backing veteran management teams of differentiated service companies. We look forward to the next years of growth."Huff added, "We appreciate the efforts of the NewStar team in providing an appropriate financing structure for our needs. As the Company moves forward, I am confident we have the right financing partners in place to help us meet our growth objectives."NewStar Financial served as Sole Lead Arranger and Administrative Agent for the senior credit facilities. "We look forward to working with Casedhole Solutions, and the exceptional management team that they have in place," said Bob Kosian, Managing Director at NewStar. "This deal is a great example of the quality transactions that Intervale pursues, and that NewStar seeks to be a part of." Casedhole represents the ninth transaction in the oil and gas industry that NewStar's energy team has either led or participated in since late-2007. The deal team for this transaction at NewStar includes Bob Kosian, Peter Nightingale, Ken Pulido, and Jon BassettAbout NewStar Financial, Inc.:
NewStar Financial (NASDAQ:NEWS) is a specialized commercial finance company focused on meeting the complex financing needs of companies and private investors in the middle markets. The Company specializes in providing senior secured debt financing for the acquisition or recapitalization of mid-sized companies and commercial real estate. NewStar originates loans directly through a team of experienced, senior bankers organized around key industry and market segments. The Company targets 'hold' positions of up to $20 million and selectively underwrites or arranges larger transactions for syndication to other lenders. NewStar is headquartered in Boston MA and has regional offices in Darien CT, Chicago IL, San Diego CA, and Charleston SC. For more detailed transaction and contact information please visit www.newstarfin.com.Corporate Inquiries: