Saratoga Investment to sell up to $20 million more 7.5% notes due 2020

By Angela McDaniels

Tacoma, Wash., May 29 – Saratoga Investment Corp. will sell up to $20 million of additional 7.5% 25%-par notes due 2020, according to a 424B5 filing with the Securities and Exchange Commission.

The notes will be sold from time to time through Ladenburg Thalmann & Co. Inc., which will receive a 2% commission.

Proceeds will be used to increase the amount of regulatory capital that Saratoga has invested in subsidiary Saratoga Investment Corp. SBIC, LP, which will allow Saratoga to increase its borrowings from the Small Business Administration, and for general corporate purposes.

As previously reported, the company issued $48.3 million of the notes in May 2013. They are callable beginning May 31, 2016.

The notes closed at $25.67 (NYSE: SAQ) on Thursday.

Saratoga is a New York-based specialty finance company.

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