NewtekOne (NEWT) Secures $95M Financing from Goldman Sachs Alternatives

NewtekOne, Inc. (NASDAQ:NEWT) is one of the most undervalued financial stocks to buy according to Wall Street analysts. On September 30, the company’s wholly-owned subsidiary, Newtek Merchant Solutions (NMS), secured a $90 million term loan facility and a $5 million revolving line of credit from Private Credit at Goldman Sachs Alternatives. The financing agreement was used in part to fully repay approximately $30 million of NMS’s outstanding term debt with another lender and to close out that lender’s $10 million undrawn line of credit.

NewtekOne (NEWT) Secures $95M Financing from Goldman Sachs Alternatives

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The remaining funds are intended for general corporate purposes. The statement said the funds may be used to provide loans to NewtekOne, repay and reduce outstanding unsecured senior debt, and support company growth initiatives.

Barry Sloane, NewtekOne’s Chairman, President, and CEO, stated that they “appreciate Goldman Sachs Alternatives for being a great, long-term financing partner.”

NewtekOne, Inc. (NASDAQ:NEWT) is a financial holding company. It operates Newtek Bank, N.A. and provides small- and medium-sized businesses with services including SBA 7(a) lending, commercial real estate financing, electronic payment processing, payroll solutions, and insurance products.

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Disclosure: None. This article is originally published at Insider Monkey.