NewtekOne, Inc. Closes Private Offering of Senior Unsecured Notes

Core Viewpoint - NewtekOne, Inc. has successfully completed a $30 million offering of 8.375$30 million aggregate principal amount of its 8.375% notes due April 1, 2030, through a private placement with eleven institutional accredited investors [1]. - Net proceeds from the sale of the notes were approximately $29.250 million after deducting estimated offering expenses, which will be used to refinance existing indebtedness and for general corporate purposes [2]. Group 2: Credit Rating Upgrade - Egan-Jones Ratings Company upgraded NewtekOne's credit rating from "BBB+" to "A-", indicating a high level of creditworthiness with low sensitivity to evolving credit conditions [4]. - The upgrade was based on the company's healthy shareholders equity to asset ratio, strong tier 1 capital ratio, and improvement in efficiency ratio [4]. - Barry Sloane, CEO, expressed that the rating upgrade reflects the strength of the company's earnings stream and well-capitalized balance sheet [4]. Group 3: Company Overview - NewtekOne, Inc. is a financial holding company that provides a wide range of business and financial solutions to independent business owners across all 50 states [7]. - The company's offerings include banking, business lending, SBA lending solutions, electronic payment processing, accounts receivable financing, insurance solutions, and technology solutions [8][9].