NEWTEK BUSINESS SERVICES CORP. (NASDAQ:NEWT) Files An 8-K Entry into a Material Definitive Agreement
ME Staff 8-k
NEWTEK BUSINESS SERVICES CORP. (NASDAQ:NEWT) Files An 8-K Entry into a Material Definitive Agreement Item 1.01. Entry Into a Material Definitive Agreement.
On May 7, 2020, Newtek Small Business Finance, LLC (“NSBF”), a subsidiary of Newtek Business Services Corp. (the “Company”), entered into an Omnibus Amendment No. 4 to Loan Documents (the “Amendment”), amending, among other things the terms of the credit facility made available to NSBF under the Fourth Amended and Restated Loan and Security Agreement with Capital One, National Association and UBS Bank USA as Lenders, and Capital One, National Association as Administrative Agent, dated May 11, 2017 (the “Credit Facility”). to the terms of the Amendment, the Credit Facility, which has a maximum aggregate amount of $150,000,000 and may be used to fund both the guaranteed and unguaranteed portions of SBA 7(a) loans made by NSBF, was amended to extend the maturity date on which the Credit Facility will convert into a term loan to May 7, 2023, with the term loan maturing on May 7, 2025. The Amendment also provides for, among other things, the appointment of a custodian and backup servicer. In addition, the Company continues to guarantee NSBF’s performance and repayment obligations under the Agreement, to the Second Amended and Restated Guaranty of Payment and Performance, dated as of May 11, 2017.
The above description is a summary and is qualified in its entirety by the terms of the Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information contained in Item 1.01 of this Current Report on Form 8-K is incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Newtek Business Services Corp. Exhibit EX-10.1 2 omnibusamendmentno4toloa.htm EX-10.1 omnibusamendmentno4toloa OMNIBUS AMENDMENT NO. 4 TO LOAN DOCUMENTS This Omnibus Amendment No. 4 to Loan Documents (this “Amendment”),… To view the full exhibit click here
About NEWTEK BUSINESS SERVICES CORP. (NASDAQ:NEWT)
Newtek Business Services Corp. is a non-diversified closed-end management investment company. The Company is engaged in non-bank lending providing a range of business services and financial products under the Newtek brand to the small- and medium-sized business (SMB) market. Its products and services consist of Business Lending, Electronic Payment Processing, Managed Technology Solutions (Cloud Computing), e-commerce, Accounts Receivable Financing, The Secure Gateway, The Newtek Advantage, personal and commercial Insurance Services, Web Services, Data Backup, Storage and Retrieval, and Payroll Solutions. The Company offers services along with its controlled portfolio companies. The Company’s portfolio consists of guaranteed and unguaranteed non-affiliate loan investments that are through its small business finance platform.