NewtekOne, Inc. announced on March 20, 2025, the completion of a private offering of $30.0 million aggregate principal amount of its 8.375% notes due 2030. The offering generated approximately $29.250 million in net proceeds for the company.
The company intends to use the net proceeds primarily to refinance existing indebtedness, with any remaining funds allocated for general corporate purposes, including providing capital to Newtek Bank, National Association. This financing strengthens the company's balance sheet and liquidity.
In conjunction with the offering, Egan-Jones Ratings Company upgraded NewtekOne’s credit rating from “BBB+” to “A-”. Egan-Jones cited the company’s healthy shareholders' equity to asset ratio, strong Tier 1 capital ratio, and improvement in its efficiency ratio as reasons for the upgrade, indicating a high level of creditworthiness.
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