Newtek Business Services, an internally managed business development company, approved a buyback program under which the company may repurchase up to 200,000 shares of its common stock, which represents 1.4% of the outstanding shares as of Sept. 30.
The company anticipates that the termination date for this new repurchase program will be on May 21, 2017.
The company expects to finance the repurchases with existing capital and the repurchased shares will be designated as authorized but unissued common stock. Newtek said it will continuously evaluate alternate and strategic uses of its capital.
Also on Monday, Newtek announced a repurchase program under which the company may repurchase up to 10%, or $832,400 in aggregate principal amount, of its 7.5% notes due 2022 and up to 10%, or $4.0 million in aggregate principal amount, of its 7.0% notes due 2021.