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NEWT > SEC Filings for NEWT > Form 8-K on 19-Jul-2013All Recent SEC Filings

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Form 8-K for NEWTEK BUSINESS SERVICES, INC.


19-Jul-2013

Entry into a Material Definitive Agreement, Creation of a Direct F


ITEM 1.01 Entry Into a Material Definitive Agreement.

On July 16, 2013, Newtek Small Business Finance, Inc. ("NSBF"), a subsidiary of Newtek Business Services, Inc. (the "Company"), entered into an Amended and Restated Loan and Security Agreement (the "Agreement") with Capital One, National Association ("Capital One"), pursuant to which Capital One has extended its credit facility for NSBF from September 30, 2013 to May 31, 2015 in the maximum amount of $27,000,000, (the "Credit Facility"). The full Credit Facility may be used for both those portions of SBA 7(a) loans made by NSBF that are guaranteed by the SBA, and also may be used to fund those portions of SBA 7(a) loans made by NSBF that are not guaranteed by the SBA. NSBF plans to continue to draw on this Credit Facility to continue the expansion of its SBA loan originations.

The Agreement specifies certain events of default, pursuant to which Capital One could require immediate repayment by NSBF of all outstanding amounts under the Credit Facility. In addition, the Company has guaranteed NSBF's performance and repayment obligations, pursuant to an Amended and Restated Guaranty of Payment and Performance, dated as of June 16, 2011, as amended by a Guaranty and Security Agreement Letter Amendment dated as of July 16, 2013 (the "Guaranty Amendment").

The above description is a summary and is qualified in its entirety by the terms of the Agreement and the Guaranty Amendment, which are filed as Exhibits 10.1 and 10.2 respectively to this Current Report on Form 8-K and are incorporated by reference herein.

A press release announcing the Credit Facility is filed as Exhibit 99.1 to this Current Report on Form 8-K.



ITEM 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information contained in Item 1.01 of this Current Report on Form 8-K is incorporated by reference herein.




Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit
Number                                    Description

10.1         Amended and Restated Loan and Security Agreement, dated as of July 16,
             2013, by and between Newtek Small Business Finance, Inc. and Capital
             One, National Association.

10.2         Guaranty and Security Agreement Letter Amendment, dated as of July 16,
             2013, by and between Capital One, National Association and Newtek
             Business Services, Inc.

99.1         Press Release, dated July 18, 2013 announcing the Credit Facility.


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