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NewStar issues call for $85 million 7¼% notes due 2020 via asset sale
By Susanna Moon
Chicago, Nov. 30 – NewStar Financial, Inc. issued a redemption notice for its $85 million of 7¼% senior notes due May 1, 2020.
The notes will be redeemed on Dec. 29 at 103.625% plus accrued interest to but excluding the redemption date.
The redemption contains an asset purchase condition, which must be met by Dec. 27, according to two separate notices by the company.
The condition means that GSO Diamond Portfolio Holdco LLC purchases non-performing assets from the issuer for a purchase price of at least $85 million, the release explained.
As reported Oct. 17, GSO Capital Partners has lined up commitments for up to $1.85 billion under an asset-based revolving credit facility led by Wells Fargo Bank, NA to acquire the assets of NewStar Financial Management Inc.
In connection with the deal, NewStar agreed to sell a portfolio of investment assets, including about $2.4 billion of middle-market loans and other credit investments, to a newly formed investment fund sponsored by GSO.
The acquisition requires the acquisition of the assets.
NewStar is a Boston-based internally managed specialized finance company.
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