NEW YORK, Nov. 21, 2016 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (the "Company" or "Newtek") (NASDAQ:NEWT), an internally managed business development company ("BDC"), today announced that its board of directors approved a repurchase program (the "Program") under which the Company may repurchase up to 10%, or $832,400 in aggregate principal amount, of its 7.5% notes due 2022 ("2022 Notes") and up to 10%, or $4,025,000 in aggregate principal amount, of its 7.0% notes due 2021 ("2021 Notes"). The 2022 Notes and the 2021 Notes are listed on the Nasdaq Global Market under the symbols "NEWTZ" and "NEWTL," respectively. The repurchases shall be effected through open market purchases, including block purchases, in such manner as will comply with the provisions of the Investment Company Act of 1940, as amended and the Securities Exchange Act of 1934, as amended (the "1934 Act"). Unless extended or terminated by its board of directors, the Company anticipates that the termination date for this repurchase program will be on May 21, 2017. The Company expects to finance the repurchases with existing capital. Under the Program, purchases may be made at management's discretion from time to time in open-market transactions, in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the 1934 Act. The extent to which the Company repurchases its Notes, and the timing of such repurchases, will depend upon a variety of factors, including market conditions, regulatory requirements and other corporate considerations, as determined by Newtek's management team. The repurchase program may be suspended or discontinued at any time.