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Newtek Business Services enters equity distribution agreement

Newtek Business Services Corp. on Aug. 31 entered into a second amended and restated equity distribution agreement with BB&T Capital Markets, Capital One Securities Inc., Compass Point Research & Trading LLC, D.A. Davidson & Co., Deutsche Bank Securities Inc., JMP Securities LLC, Keefe Bruyette & Woods Inc., Ladenburg Thalmann & Co. Inc., Raymond James & Associates Inc., and UBS Securities LLC relating to the sale of common shares by the company.

According to the agreement, the company may offer or sell up to 4,400,000 shares of its common stock from time to time, through placement agents. The current outstanding common shares available for issuance are 3,052,414 under the prospect filed, while 1,347,586 common shares have been issued since March 2017.

The company intends to generate current income as well as capital appreciation through origination of loans and "equity investments in certain portfolio companies" that it controls.

The placement agents will receive a 2% commission of the gross sales price of the shares sold through them under the agreement.