By James McCandless
San Antonio, June 17 – Saratoga Investment Corp. priced a $37.5 million offering of $25-par fixed-rate notes (Egan-Jones: BBB) due June 30, 2025 with a coupon of 7.25% at par, according to a press release.
There is a $5,625,000 greenshoe.
Ladenburg Thalmann & Co. Inc., Janney Montgomery Scott LLC, BB&T Capital Markets, B. Riley FBR, Inc. and Compass Point Research & Trading, LLC are the bookrunners.
Lead managers are Incapital LLC, National Securities Corp. and Maxim Group LLC.
Coupons are payable on Feb. 28, May 31, Aug. 31 and Nov. 30, starting on Aug. 31, 2020.
The notes are redeemable on or after June 24, 2022.
Saratoga plans to use the proceeds to make investments in middle-market companies in accordance with its investment objective and strategies and for general corporate purposes.
The company plans to list the notes on the New York Stock Exchange under the symbol “SAC.”
Saratoga is a Florham Park, N.J.-based business development company.
| Issuer: | Saratoga Investment Corp.
|
| Description: | Notes
|
| Amount: | $37.5 million
|
| Greenshoe: | $5,625,000
|
| Maturity: | June 30, 2025
|
| Bookrunners: | Ladenburg Thalmann & Co. Inc., Janney Montgomery Scott LLC, BB&T Capital Markets, B. Riley FBR, Inc. and Compass Point Research & Trading, LLC
|
| Lead managers: | Incapital LLC, National Securities Corp. and Maxim Group LLC
|
| Coupon: | 7.25%
|
| Price: | Par of $25.00
|
| Yield: | 7.25%
|
| Call: | On or after June 24, 2022
|
| Pricing date: | June 17
|
| Settlement date: | June 24
|
| Rating: | Egan-Jones: BBB
|
| Distribution: | SEC registered
|
| Listing: | NYSE: SAC
|
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