By Angela McDaniels
Tacoma, Wash., July 17 – Saratoga Investment Corp. has sold $5.7 million of additional 7.5% $25-par notes due 2020 through its at-the-market offering so far, according to a 424B7 filing with the Securities and Exchange Commission.
The additional notes were sold between May 29 and July 16 at an average price of $25.32 for aggregate net proceeds of $5.65 million.
The additional notes bring the total issue size to $54 million. The original $48.3 million of notes priced in May 2013.
As previously reported, the company said on May 29 that it would sell up to $20 million of additional notes from time to time through Ladenburg Thalmann & Co. Inc.
The proceeds of the additional notes are being 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.
Saratoga is a New York-based specialty finance company.
| Issuer: | Saratoga Investment Corp.
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| Issue: | Notes
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| Amount: | $5,696,575 reopening
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| Net proceeds: | $5,653,305
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| Maturity: | May 31, 2020
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| Coupon: | 7.5%
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| Par amount: | $25.00
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| Average price: | $25.32
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| Call option: | At par beginning May 31, 2016
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| Agent: | Ladenburg Thalmann & Co. Inc.
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| Total amount outstanding: | $53,996,575 as of July 16
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| Note listing: | NYSE: SAQ
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| Note price: | $25.75 at close on July 16
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