NewtekOne, Inc. Completes Offering of $71.875 Million of 8.50% Fixed Rate Senior Notes Due 2029

Core Viewpoint - NewtekOne, Inc. successfully completed a public offering of $71.875 million in 8.50% Fixed Rate Senior Notes due 2029, with proceeds intended for investments, debt repayment, and general corporate purposes [1][2][3] Group 1: Offering Details - The offering included the full exercise of underwriters' option, resulting in total proceeds of $69,718,750 before expenses [1] - The Notes will mature on June 1, 2029, and can be redeemed starting June 1, 2027, at a price equal to 100% of the principal plus accrued interest [1] - Interest on the Notes will be paid quarterly, starting September 1, 2024 [1] Group 2: Use of Proceeds - Proceeds from the Notes will be used for funding investments, repaying existing debt, and general corporate purposes [2] - The company plans to continue growing its alternative loan program, which is supported by joint ventures leveraging securitization structures [3] Group 3: Financial Performance - The company reported a consolidated return on average assets (ROAA) of 2.8% and a return on tangible common equity (ROTCE) of 20.6% for Q1 2024 [3] - The capital raised is expected to be accretive to earnings and enhance the company's return profile [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 the United States [4][5] - The company's services include banking, business lending, electronic payment processing, technology solutions, eCommerce, and insurance solutions [5]