12:53 PM EDT, 06/05/2024 (MT Newswires) -- NewtekOne ( NEWT ) said Wednesday it closed a debt offering to raise nearly $72 million.

The company issued $71.9 million worth of 8.50% fixed rate senior notes due 2029, including the full exercise by the offering's underwriters to purchase more of the notes. NewtekOne ( NEWT ) said it received $69.7 million in proceeds from the sale of the notes.

"Due to the excess demand for these notes, we increased our capital raise from $50 million to [$71.9] million. We plan on using the proceeds of this offering to pay down existing debt and to continue to grow our alternative loan program, which is funded by joint ventures that leverage securitization structures," NewtekOne ( NEWT ) Chief Executive Barry Sloane said in a statement.

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