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Newtek executes letter of intent for $75M credit facility

Newtek Business Services Corp. on March 29 executed a letter of intent for a proposed $75 million senior secured revolving credit facility through Capital One NA.

The facility will be available to a newly formed wholly owned portfolio company, Newtek Business Lending LLC. The facility will be used to originate loans to small businesses to finance purchases of buildings, land and machinery; construction of new facilities; and modernizing, renovating or converting existing facilities, among other uses.

Newtek expects the facility to contain a $75 million accordion feature that would allow Newtek Business Lending to increase the borrowing available under the facility to $150 million, subject to lender approval.

The facility is subject to final documentation and approvals.