By Wendy Van Sickle
Columbus, Ohio, Oct. 19 – Saratoga Investment Corp. priced $40 million of 8% five-year $25-par notes (Egan-Jones: BBB+) at par on Wednesday, according to a news release and an FWP filing with the Securities and Exchange Commission.
There is a 30-day greenshoe for up to $6 million.
The notes are callable in whole or in part on or after Oct. 27, 2024 at par.
Ladenburg Thalmann & Co. Inc. and Oppenheimer & Co. Inc. are joint bookrunning managers, and Compass Point, InspereX LLC and Janney Montgomery Scott LLC are lead managers for the offering.
Interest is payable quarterly on Feb. 28, May 31, Aug. 31 and Nov. 30 of each year, beginning Feb. 28, 2023.
The notes are expected to be listed on the New York Stock Exchange and to trade under the symbol “SAJ.”
Proceeds will be used to make investments in middle-market companies and for general corporate purposes. Pending such use, proceeds will be used to invest in short-term debt securities.
The specialty finance company is based in New York.
| Issuer: | Saratoga Investment Corp.
|
| Amount: | $40 million
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| Greenshoe: | $6 million for up to 30 days
|
| Issue: | Notes
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| Maturity: | Oct. 31, 2027
|
| Bookrunners: | Ladenburg Thalmann & Co. Inc. and Oppenheimer & Co.
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| Lead managers: | Compass Point, InspereX LLC and Janney Montgomery Scott LLC
|
| Co-managers: | Hovde Group, LLC and Maxim Group LLC
|
| Trustee: | U.S. Bank Trust Co., NA
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| Counsel to issuer: | Eversheds Sutherland (US) LLP
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| Counsel to underwriters: | Blank Rome LLP
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| Coupon: | 8%
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| Price: | Par of $25
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| Yield: | 8%
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| Call option: | In whole or in part on or after Oct. 27, 2024 at par
|
| Trade date: | Oct. 19
|
| Settlement date: | Oct. 27
|
| Rating: | Egan-Jones: BBB+
|
| Symbol: | NYSE: SAJ
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