Locke Lord Counsels NewStar Financial in Sale of NewStar Business Credit to Sterling National Bank for $330 Million

A Locke Lord team acted as legal counsel for NewStar Financial Inc. in the sale of its asset-based lending subsidiary, NewStar Business Credit LLC to Sterling National Bank, a wholly owned subsidiary of Sterling Bancorp for approximately $330 million, announced on March 31, 2016. According to NewStar’s press release the sale is a demonstration of NewStar’s continued “transformation from a bank-styled, diversified commercial finance company into a more specialized middle market direct lender with a focus on managing assets for institutional investors.” The Locke Lord team included George Ticknor, Michael Newquist and Walter Rodriguez Jr., with additional assistance from Eugene McDermott and Stanley Keller.
Posted April 5, 2016