BOSTON, March 1, 2011 -- NewStar Financial, Inc. (Nasdaq: NEWS), a specialized commercial finance company, announced today that it has arranged a senior secured credit facility in support of the recent recapitalization of Edline LLC, a portfolio company of Providence Equity Partners ("Providence"). Providence is a leading global private equity firm focused on media, entertainment, communications and information investments.
Edline is a leading provider of learning community management system solutions to the K-12 public and private education marketplace. The company's solutions include web hosting, content management, information portals, and tools for classroom management, grade book, mass notification, analytics, virtual storage and related technologies. Edline helps over 13,000 schools improve student performance by encouraging parental involvement, supporting teachers and engaging the learning community.
"We are extremely pleased to be awarded the administrative agent role on this transaction our first lead left deal on behalf of Providence Equity." said David Dobies, Head of Leveraged Finance at NewStar. "We have a highly valued and deep relationship with the Providence Equity team across many years and portfolio investments."
"The NewStar team has been with us since the early 2000's," said Peter Wilde, Managing Director of Providence Equity. "We enjoy working with David and the NewStar folks and chose them to lead this transaction because of their experience in the education and information industry, flexibility in tailoring a financing plan that met our needs, and confidence in their ability to close the transaction on our schedule." added Dave Phillips, a Principal at Providence Equity.
NewStar served as Joint Lead Arranger and Administrative Agent for the Senior Credit Facilities. The deal team for the transaction included David Dobies, Jeff Greene, David Kilpatrick and Jason Andreotes.
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 a range of senior secured debt financing options to mid-sized companies to fund working capital, growth strategies, acquisitions and recapitalizations, as well as, equipment purchases. NewStar originates loans and leases directly through teams of experienced, senior bankers and marketing officers organized around key industry and market segments. The Company targets hold positions of up to $20 million and will selectively underwrite or arrange larger transactions for syndication to other lenders. NewStar offers asset-based loans through its wholly-owned subsidiary, CORE Business Credit. NewStar is headquartered in Boston MA and has regional offices in Darien CT, Chicago IL, Dallas TX, Los Angeles CA, Atlanta GA, and Houston TX. For more detailed information about our product capabilities, as well as, recent transaction and contact information, please visit our website at www.newstarfin.com.