By Taylor Fox
New York, March 3 – Saratoga Investment Corp. sold $50 million of 4.375% five-year notes (BBB+) at par on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced with a spread of 365 basis points over Treasuries.
The notes will be callable at the option of the company for par plus a make-whole premium. Holders will be able to put the notes at par plus interest upon a change of control.
Raymond James & Associates Inc. is bookrunning manager of the deal.
The proceeds of the notes will be used to make investments in middle-market companies (including investments made through subsidiaries) in line with its investment objective and strategies and for general corporate purposes.
The mid-market debt investment company is based in New York.
| Issuer: | Saratoga Investment Corp.
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| Amount: | $50 million
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| Securities: | Notes
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| Maturity: | Feb. 28, 2026
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| Bookrunner: | Raymond James & Associates Inc.
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| Coupon: | 4.375%
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| Price: | Par
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| Yield: | 4.375%
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| Spread: | Treasuries plus 365 bps
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| Call features: | Make-whole call at Treasuries plus 50 bps before Nov. 28, 2025; thereafter at par
|
| Trade date: | March 3
|
| Settlement date: | March 10
|
| Rating: | Egan Jones: BBB+
|
| Distribution: | SEC registered
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