Saratoga greenshoe exercised, ups size of 7.5% notes to $48.3 million

By Marisa Wong

Madison, Wis., May 17 - Saratoga Investment Corp. said that the underwriters of its recent offering of 7.5% $25-par fixed-rate notes due May 31, 2020 exercised their $6.3 million over-allotment option in full. The additional notes settled on Friday, according to a news release.

The company priced the initial $42 million of 7.5% notes on May 3. The deal was first announced on April 29 and settled on May 10.

Ladenburg Thalmann & Co. Inc., BB&T Capital Markets and William Blair & Co. are the joint bookrunning managers for the public offering.

As noted before, the notes are redeemable on or after May 31, 2016 at par plus accrued interest. Interest is payable quarterly.

The New York-based specialty finance company intends to use the proceeds to repay a senior secured revolving credit facility and to make investments in middle market companies.

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