BOSTON, November 22, 2010 -- NewStar Financial, Inc. (Nasdaq:NEWS), a specialized commercial finance company, announced today that it has arranged a $48,250,000 senior secured credit facility in support of the recapitalization of Pride Manufacturing Company, LLC. Pride is a leading global supplier of consumable golf products including golf cleats, tees, club grips and other accessories and a portfolio company of Bessemer Holdings.
"Pride has shown incredibly consistent performance through the market cycle and we were very pleased to be able to provide this financing and work with Bessemer and the Pride team." said Pat McAuliffe, Managing Director at NewStar.
ewStar served as Lead Arranger and Administrative Agent for the senior credit facilities. The deal team for the transaction included Peter Nightingale and Andres Alev.
About 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 and Chicago IL.