LAKE SUCCESS, N.Y., Nov. 08, 2018 (GLOBE NEWSWIRE) -- Newtek Business Services Corp. (NASDAQ: NEWT), an internally managed business development company, today announced that Premier Payments LLC and Newtek Merchant Solutions, two of the Company’s wholly owned payment processing portfolio companies, closed $50 million in financing arranged by Webster Bank. The $50 million in financing consists of a $35 million five-year term loan, and a $15 million revolving credit facility. The portfolio companies used a portion of this financing to repay the outstanding balance and retired the $50 million term loan with Goldman Sachs Specialty Lending Group L.P., an affiliate of the Goldman Sachs Group Inc. The financing with Webster Bank represents an improvement over the interest rate on the term loan with the existing lender.

Barry Sloane, Chairman, President and Chief Executive Officer commented, “We greatly appreciate the efforts of Webster Bank and its syndicate partners in offering our portfolio companies a $50 million financing facility for their electronic payment processing business. As our portfolio company payments business has grown and advanced, their ability to amortize a five-year debt facility and receive a significant interest rate reduction on the debt is extremely valuable, and we believe will enhance their ability to pay distributions.”

About Newtek Business Services Corp.

Newtek Business Services Corp., Your Business Solutions Company^®, is an internally managed BDC, which along with its controlled portfolio companies, provides a wide range of business services and financial products under the Newtek^® brand to the small- and medium-sized business (“SMB”) market. Since 1999, Newtek has provided state-of-the-art, cost-efficient products and services and efficient business strategies to SMB accounts across all 50 states to help them grow their sales, control their expenses and reduce their risk.