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Newtek Business Services closes note offering

Newtek Business Services Corp. completed an underwritten public offering of $50.0 million of 6.25% notes due March 1, 2023.

Interest on the notes is payable quarterly, beginning June 1. Underwriters have a 30-day option to purchase up to an additional $7.5 million of the notes to cover any overallotments.

The notes are expected to trade on the NASDAQ Global Market under the trading symbol NEWTI.

Keefe Bruyette & Woods acted as the book-running manager for this offering. D.A. Davidson & Co., Compass Point Trading and Research LLC, BB&T Capital Markets and Ladenburg Thalmann acted as co-managers.