Belstar Holdings, LLC Advises Sterling Financial Corporation in Connection with its Successful $730 Million Recapitalization Effort

NEW YORK, Sept. 17 /PRNewswire/ -- On August 26, 2010, Sterling Financial Corporation completed a $730 million transaction raising new capital from institutional, private equity and other accredited investors.  Belstar Holdings acted as an advisor to Sterling on financial and other business-related matters associated with the recapitalization effort in Korea.  The amount of capital raised exceeds the amount required under Sterling's agreements with its regulators and restores both Sterling's and Sterling Savings Bank's regulatory ratios to levels that exceed well-capitalized thresholds under applicable guidelines.

Managing Partner of Belstar Holdings, Daniel Yun, said, "The successful completion of this capital raise helps position Sterling as a strong banking franchise in the Pacific Northwest and we were pleased to be part of this successful transaction."

New capital was raised from two anchor investors, Thomas H. Lee Partners, L.P. and Warburg Pincus Private Equity X, L.P., and a group of private placement investors in the U.S. and Korea.  Sterling's financial advisors and placement agents for the recapitalization effort within the U.S. included Sandler O'Neill + Partners, Barclays Capital and FBR Capital Markets.  KB Investment and Securities acted as placement agent for investors in Korea. 

About Belstar Holdings, LLC ®

Belstar Holdings® is a New York based private investment firm providing alternative investment strategies to financial institutions and high-net-worth individuals globally.

SOURCE Belstar Holdings, LLC