Pepper Hamilton Represents Underwriters in Newtek Business Services Corp.'s Public Offering of 2.3 Million Shares of Common Stock
Pepper Hamilton LLP, a multi-practice law firm, announced its involvement in Newtek Business Services Corp.'s public offering of 2.3 million shares of common stock, which was announced on October 7 and closed on October 15. Pepper Hamilton represented the underwriters in the offering, which consisted of Keefe, Bruyette & Woods, Inc., Raymond James & Associates, Inc. and JMP Securities LLC as lead book runners and Ladenburg Thalmann & Co. Inc. and Compass Point Research & Trading, LLC as co-managers. The shares were offered at a price of $16.50, bringing Newtek nearly $38 million in capital (before expenses and underwriter discounts). Due to demand, the 2.3 million shares of Newtek's common stock sold in the offering also included 300,000 shares issued pursuant to the exercise in full of the underwriters' overallotment option. After this offering closed, Newtek's outstanding share count rose to approximately 12.6 million shares.
The Pepper team was led by partner Thomas S. Gallagher and included Joan C. Arnold, David P. Russo, John T. Siemann and Morgan Klinzing.
About Newtek Business Services Corp.
Newtek Business Services Corp., The Small Business Authority
®, is an internally managed BDC, which al controlled portfolio companies, provides a wide range of business services and financial products under the Newtek® brand to the small- and medium-sized business (SMB) market.
Since 1999, Newtek has provided state-of-the-art, cost-efficient products and services and efficient business strategies to over 100,000 SMB accounts across all 50 States to help them grow their sales, control their expenses and
reduce their risk.
Content contributed by attorneys of Troutman Sanders LLP and Pepper Hamilton LLP prior to April 1, 2020, is included here, together with content contributed by attorneys of Troutman Pepper (the combined entity) after the merger date.