Company: NEWTP
Filing Date: 2025-11-25
Form Type: S-4/A
Source: 0001628280-25-054014
Chunk: 33

Company: NewtekOne, Inc.
Filing Date: 2025-11-25
Form: S-4/A
Chunk 33
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 repayment at the option of the holder at any time prior to the maturity date and will not be entitled to any sinking fund.

#### Ranking of the New Notes
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The New Notes will be the senior unsecured obligations of the Company and will rank equally in right of payment with any other existing or future senior unsecured obligations (including the Old Notes that are not exchanged in the Exchange Offer and the Company’s 8.125% Fixed Rate Senior Notes due 2027, 8.00% Fixed Rate Senior Notes due 2028, 8.50% Fixed Rate Senior Notes due 2029, 8.625% Fixed Rate Senior Notes due 2029 and 8.375% Fixed Rate Senior Notes due 2030).

As of September 30, 2025, the Company had approximately $389.7 million in principal amount of other senior unsecured long-term indebtedness outstanding. The New Notes will be effectively subordinated to all of the Company’s future secured indebtedness to the extent of the value of the Company’s assets securing such indebtedness. The Company is a holding company that conducts substantially all of its operations through its bank and non-bank subsidiaries. The Company’s subsidiaries are separate and distinct legal entities and have no obligation to pay any amounts due on the New Notes or to provide the Company with funds to pay the Company’s obligations, whether by dividends, distributions, loans or other payments.

In addition, any dividend payments, distributions, loans or advances to the Company by the Company’s subsidiaries in the future will require the generation of future earnings by the Company’s subsidiaries and may require regulatory approval. There are various regulatory restrictions on the ability of Newtek Bank to pay dividends or make other payments to the Company, including those contained in Newtek Bank’s operating agreement with the OCC. See “Item 1. Business-Regulation and Supervision” in the Company’s most recent Annual Report on Form 10-K incorporated by reference in this prospectus for a discussion of regulatory and other restrictions on dividend declarations.

The Company’s right to participate in any distribution of assets of any of its subsidiaries upon the subsidiary’s liquidation or otherwise will generally be subject to the prior claims of creditors of that subsidiary. The New Notes are the Company’s obligations and not those of the Company’s subsidiaries and, as such, will be structurally subordinated to all of the existing and future indebtedness and other liabilities of the Company’s subsidiaries.

The New Notes will be senior in right