Saratoga greenshoe lifts 7.25% $25-par notes to $43.23 million

By Wendy Van Sickle

Columbus, Ohio, July 6 – Underwriters for Saratoga Investment Corp.’s 7.25% $25-par fixed-rate notes (Egan-Jones: BBB) due June 30, 2025 fully exercised their $5,625,000 greenshoe, lifting the total deal size to $43,125,000, according to a news release on Monday.

The company priced a $37.5 million offering of the notes at par on June 17, as previously reported.

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.

Saratoga is a Florham Park, N.J.-based business development company.

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