Newtek Business Services (NASDAQ:NEWT), a BDC (business development company) has priced a new baby bond issue with a coupon of 6.25%.
The 2 million notes will have a maturity date on 3/1/2023 with an early call available starting 3/1/2020.
At this time we have not had time to review the issue in full so we don’t know if we will be a buyer. In general the coupon is a tad bit meager for us.
We note that the company will be partially or fully calling the 7% notes outstanding (NASDAQ:NEWTL). These notes have been callable since 4/2017 and mature in 2021.