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Newtek prices small business loan securitization

Newtek Business Services Corp. priced its largest small business loan securitization, offering $118.9 million of unguaranteed Small Business Administration loan-backed notes.

The notes are collateralized by the right to receive payments and other recoveries attributable to the unguaranteed portions of SBA 7(a) loans made by Newtek Small Business Finance LLC. The notes were priced at an average initial yield of 3.84% and they will yield interest at a floating rate.

The offering is expected to close Oct. 4.

Deutsche Bank Securities Inc. is the sole book-running manager, while Capital One Securities Inc. is the co-manager for the sale of the notes.