Newtek's Capital Company Raises $23 Million in Debt Offering
NEW YORK - Wilshire Texas Partners I, the certified capital company for Newtek Business Services, Inc., announced on July 27 that it raised $23.4 million in certified capital through a debt offering. Newtek has more than 90 partnerships with credit unions, leagues and CUNA. Wilshire Texas Partners I raised a total of $23.4 million which results in $12.0 million in new cash net of expenses and defeasance of the debt, the company reported. Newtek estimates that through this program and its anticipated results from the upcoming fifth New York State Capco program, it will raise between $15 million and $17 million in new cash this year, or approximately $0.44 to $0.50 in cash per share. This number does not include cash flow from its three core operating businesses: SBA lending; merchant processing; and Web hosting.