Business Description:
NEW is a third-party administrator of extended service plans, buyer protection services and product support programs. With headquarters in Dulles, Virginia, the company operates seven contact centers around the US. The company employs nearly 3,000 people and protects the purchases of more than 150 million consumers annually.

Falcon Solution:
The company had complex revenue-recognition issues that had a major impact on its financial statements. Falcon structured a creative financial solution that provided significant junior capital to support the two sponsors’ buyout of the company. Falcon invested in senior subordinated notes with warrants and convertible holding company senior notes.