NewtekOne, Inc. Closes Offering of $75.0 Million of 8.625% Fixed Rate Senior Notes Due 2029
Published / Modified Sep 16 2024
CSIMarket Team / CSIMarket.com
NewtekOne, Inc. Solidifies Financial Position with $75 Million Senior Notes Offering
Introduction
On September 16, 2024, NewtekOne, Inc. (NASDAQ: NEWT), a prominent provider of business and financial solutions, announced the successful closing of a registered public offering amounting to $75 million in Fixed Rate Senior Notes. This strategic move not only highlights the companyns robust financial strategy but also reaffirms its confidence in sustained growth, as evidenced by its recent earnings forecasts.
Details of the Offering
The offering comprises 8.625% Fixed Rate Senior Notes that are set to mature on October 15, 2029. Here are the key details regarding this issuance:
- Total Amount: $75 million in aggregate principal.
- Interest Rate: The Notes will attract an annual interest rate of 8.625%, payable quarterly specifically on January 15, April 15, July 15, and October 15, starting January 15, 2025.
- Redemption Terms: NewtekOne, Inc. retains the right to redeem the Notes, either partially or fully, starting October 15, 2026, at a redemption price equal to 100% of the outstanding principal amount plus any accrued and unpaid interest.
Implications for Shareholders
This announcement comes on the heels of NewtekOne, Inc.ns reaffirmation of its earnings per share (EPS) forecast for 2024. Earlier, on September 5, 2024, the company confidently projected an EPS range of $1.85 to $2.05 per basic and diluted share. This reaffirmation serves as a reassurance to shareholders and investors regarding the company?s capability to achieve solid returns moving forward.
Confidence in Performance
The consistent communication from NewtekOne, Inc. regarding its financial forecasts highlights a strategic effort to instill confidence in both current and potential investors. By reconfirming its EPS projection, NewtekOne not only reassures stakeholders of its financial health but also underscores its commitment to creating value in a competitive financial landscape.
Conclusion
The successful closing of the $75 million offering of 8.625% Fixed Rate Senior Notes reflects NewtekOne, Inc.ns proactive approach to capital management. As the company prepares to meet its upcoming financial commitments, the reaffirmation of its 2024 EPS forecast indicates a positive outlook for both the company and its shareholders. This steadfast strategy places NewtekOne in a strong position as it continues to navigate the complexities of the business and financial services environment.
NewtekOne, Inc. Bolsters Growth Trajectory with $75 Million Senior Notes Offering and Strong EPS Forecast,
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