Company: NEWTP
Filing Date: 2025-03-20
Form Type: 8-K
Source: 0001587987-25-000053
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Company: NewtekOne, Inc.
Filing Date: 2025-03-20
Form: 8-K
Item: Item 8.01
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Item 8.01.

Other Events

On March 19, 2025, NewtekOne, Inc. (the “ Company”) completed an exempt offering of $30.0 million aggregate principal amount of its 8.375% notes due 2030 (the “ Notes” and the "Offering"). The Offering was consummated pursuant to the terms of a purchase agreement (the “ Purchase Agreement”) dated March 19, 2025 between the Company and eleven institutional accredited investors (the “ Purchasers”). The Purchase Agreement provided for the Notes to be issued to the Purchasers in a private placement in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the “ Securities Act”). The Company relied upon this exemption from registration based in part on representations made by the Purchasers. The Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration. The net proceeds from the sale of the Notes were approximately $29.250 million, after deducting estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the sale of the Notes to refinance existing indebtedness, with remaining proceeds, if any, for general corporate purposes (including payment of expenses incurred in connection with the issuance of the Notes, providing capital to Newtek Bank, National Association, and other working capital purposes).

The Notes will mature on April 1, 2030. The Notes may be redeemed by the Company, at its option, at a make-whole price at any time prior to January 1, 2030, or at a price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, thereafter. The Notes bear interest at a rate of 8.375% per year payable semiannually on April 1 and October 1 each year, beginning on October 1, 2025. The Notes will be the Company’s direct unsecured obligations and rank pari passu, or equal, with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. The Notes will be effectively subordinated to the Company’s existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness, and structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries.

SIGNATURES

In accordance with the requirements of the Securities Exchange Act