NewtekOne, Inc. (NEWT): debt financing — NewtekOne closes $103.9M SBA 7(a) loan securitization, its 12th rated by S&P

NewtekOne, Inc.

Offered $84.27M Class A (A- sf) and $19.59M Class B (BBB- sf) notes; 79.5% advance rate.
Class A priced at lesser of 30-day SOFR+300bp or Prime-50bp; Class B at SOFR+425bp or Prime+75bp.
CEO: collateral portfolio has weighted-average coupon of 11.05%, bond coupon 7.86%, net interest margin 3.19%.
Newtek Bank began funding SBA 7(a) loans in April 2023; NSBF in run-off mode and winding down.
Deutsche Bank and Capital One Securities acted as joint book-running managers.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

NewtekOne, Inc. incurred senior notes of $103,860,000 at lesser of 30-day Average Compounded SOFR plus 300 basis points or PRIME minus 50.

Instrument: senior notes
Principal: $103,860,000
Rate: lesser of 30-day Average Compounded SOFR plus 300 basis points or PRIME minus 50
Event: incurrence

Exact text from the filing

NewtekOne, Inc. (Nasdaq: NEWT), announced today that it has closed its twelfth small business loan securitization, with the offering of $103,860,000 of Unguaranteed SBA 7(a) Loan-Backed Notes, Series 2023-1, consisting of $84,270,000 of Class A Notes and $19,590,000 of Class B Notes (collectively, the “Notes”), with preliminary ratings of “A- (sf)” and “BBB- (sf)”, respectively, by S&P Global Ratings (“S&P”).

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10 debt financings filed in the last 30 days. Browse all debt financings →

NewtekOne, Inc. filing history →

Source: SEC EDGAR

accession 0001587987-23-000128

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