NewtekOne, Inc. Closes Offering of $75.0 Million of 8.625% Fixed Rate Senior Notes Due 2029

Core Viewpoint - NewtekOne, Inc. has successfully closed a public offering of $75 million in 8.625% Fixed Rate Senior Notes due 2029, with proceeds aimed at funding investments, repaying existing debt, and general corporate purposes [1][2][3] Group 1: Offering Details - The offering consists of $75 million aggregate principal amount of 8.625% Fixed Rate Senior Notes, maturing on October 15, 2029, with a redemption option starting October 15, 2026 [1] - Interest on the Notes will be paid quarterly, beginning January 15, 2025 [1] - The Notes are expected to be listed on the Nasdaq Global Market under the symbol "NEWTH" within thirty days [2] Group 2: Use of Proceeds - Proceeds from the offering will be utilized for general working capital, repayment of existing debt, and funding investments, particularly in the alternative loan program business [3] - The company anticipates retiring approximately $22 million of securitization debt, which will enhance cash flow and liquidity [3] Group 3: Financial Performance and Guidance - The company has confirmed its 2024 annual earnings per share guidance of $1.85 to $2.05 per basic and diluted common share [3] - As of August 31, 2024, the 2018-1 and 2019-1 SBA 7(a) securitizations contain approximately $68 million of accruing loans and $15 million of non-accruing loans at fair value [3] Group 4: Company Overview - NewtekOne, Inc. is a financial holding company providing a range of business and financial solutions to independent business owners across all 50 states [4] - The company's services include banking, business lending, electronic payment processing, technology solutions, eCommerce, and more [5]