Newtek Business Services Corp ., (NEWT), an internally managed business development company ("BDC") announced that it has been included in the Wells Fargo Business Development Company Index (Symbol: WFBDC), which currently includes 44 business development companies and has a total market capitalization of $131.6(1) billion.
Formed in 2011, the Index is a float-adjusted, capitalization-weighted index that is intended to measure the performance of all business development companies that are listed on the New York Stock Exchange or NASDAQ and satisfy specified market capitalization and other eligibility requirements.
Currently, two exchange traded notes ("ETNs") are linked to the price and yield performance of the Wells Fargo Business Development Company Index, namely the UBS ETRACS Wells Fargo Business Development Company ETN (BDCS), and the UBS ETRACS 2X Leveraged Long Wells Fargo Business Development Company ETN (BDCL).
Barry Sloane, President, Chairman, and Chief Executive Officer of Newtek Business Services Corp. commented, "We are extremely pleased to have been included in the Wells Fargo Business Development Company Index. With two well-recognized ETNs linked to this index, we believe Newtek will attract a broader range and number of investors. We look forward to increasing our recognition as an internally managed BDC in the market."
NBTER estimates about 5% of NEWT’s 6.2 million share float would need to be acquired by the two ETNs to achieve index weighting.
STILL a great investment at $16…we first recommended at $11.50 before they transformed into a business development company.
Check out our exclusive interview with the CEO of Newtek.
Founder and Editor-in-Chief for NBTEquitiesResearch.com. Contributor and Anchor for the Fox News Channel and Fox Business Network 2000-2013. Chairman & CEO of NBT Group, Inc., a boutique private capital investment bank and investor relations organization.
- Login to post comments
