NovaStar to explore strategic alternatives

By Lisa Kerner

Charlotte, N.C., April 11 - NovaStar Financial, Inc. said it began a formal process, with Deutsche Bank Securities Inc. as its financial adviser, to explore a range of strategic alternatives, including a potential sale of the company.

The company does not plan to disclose developments unless a specific transaction is approved, according to a company news release.

NovaStar also announced a commitment for an additional financing facility in an amount of up to $100 million arranged by Wachovia Capital Markets, LLC for general corporate purposes.

Kansas City, Mo.-based NovaStar is a specialty finance company that originates, purchases, securitizes, sells and invests in nonconforming loans and mortgage-backed securities.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.