Key Developments For NewStar Financial, Inc.
NewStar Financial, Inc. (NEWS.O) (Consolidated Issue listed on NASDAQ Global Market)
NewStar Financial, Inc. Announces Termination Of Agreement To Acquire Southern Commerce Bank, N.A
NewStar Financial, Inc. announced that it has terminated its agreement to acquire Southern Commerce Bank, N.A. and withdrawn its related regulatory applications.
NewStar Financial, Inc. Reduces Credit Pact-DJ
Dow Jones reported that NewStar Financial, Inc. said it amended its credit agreement, reducing the pact to $250 million from $400 million. In a filing with the Securities and Exchange Commission, the Company said it entered the new agreement January 15.
NewStar Financial, Inc. Enters Into Definitive Agreement To Acquire Southern Commerce Bank, N.A.
NewStar Financial, Inc. announced that it has entered into a definitive stock purchase agreement with Dickinson Financial Corporation to acquire Southern Commerce Bank N.A. The purchase price will be based on the tangible book value of the bank on the closing date and is subject to adjustment based on changes in tangible book value and certain tax elections available to the seller. Based on the bank's balance sheet as of November 30, 2008, the purchase price would be approximately $19.0 million, or $17.5 million if the seller exercises its option to elect to have the transaction treated as an asset sale. The Company expects the transaction to close in the first quarter of 2009.
NewStar Financial, Inc. Announces Early Renewal Of $400 Million Warehouse Line
NewStar Financial, Inc. annoucned that it has amended its $400 million warehouse credit facility with Wachovia to extend the effective maturity of the facility to April 2009 and incorporate an accordion feature, which will allow for potential future expansion of the facility up to $750 million.
NewStar Financial, Inc. Completes Final Closing Of Previously Announced Private Placement Of Common Stock
NewStar Financial, Inc. announced that it has completed its previously announced private placement of 12.5 million shares of common stock, which was priced at $10.00 per share. The second closing of the transaction was subject to the approval of NewStar stockholders, which was obtained at a Special Meeting of Stockholders held on January 15, 2008. At the second closing, the Company issued approximately 5.25 million shares of common stock and received gross proceeds of approximately $52.5 million. At the initial closing of the private placement on November 29, 2007, the Company issued approximately 7.25 million shares of common stock and received gross proceeds of approximately $72.5 million.
