Saratoga Investment sells $13.07 million of baby bonds as of Q3 end

By Marisa Wong

Morgantown, W.Va., Jan. 13 – Saratoga Investment Corp. said it sold 522,981 baby bonds with a principal of $13,074,525 as of Nov. 30.

The bonds were sold at an average price of $25.31 for aggregate net proceeds of $12,973,084, according to a press release.

Saratoga had entered into a debt distribution agreement with Ladenburg Thalmann & Co. on May 29, 2015. Under the agreement, the company could sell up to $20 million of baby bonds through an at-the-market offering.

The company also said in the press release it had an aggregate $61.4 million of baby bonds (fair value of $61.5 million) outstanding as of Nov. 30.

The specialty finance company is based in New York.

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