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 and Michael Newquist, with additional assistance from Eugene McDermott and Stanley Keller.
Posted April 5, 2016