By Stephanie N. Rotondo
Seattle, Dec. 14 – Saratoga Investment Corp. priced $65 million of 6.75% $25-par notes due Dec. 30, 2023, according to a company press release.
The deal came in line with the 6.75% price talk. There is a $9.75 million over-allotment option.
Ladenburg Thalmann & Co. Inc., BB&T Capital Markets, Compass Point and William Blair & Co. are the joint bookrunners.
Interest will be payable on a quarterly basis. The notes are redeemable on or after Dec. 21, 2019 at par plus accrued interest.
The notes will be listed on the New York Stock Exchange.
Proceeds will be used to repay all of the outstanding 7.5% $25-par notes due 2020 (NYSE: SAQ) – amounting to $61.8 million – and for general corporate purposes.
Saratoga is a New York-based specialty finance company.
| Issuer: | Saratoga Investment Corp.
|
| Securities: | Notes
|
| Amount: | $65 million
|
| Greenshoe: | $9.75 million
|
| Maturity: | Dec. 30, 2023
|
| Bookrunners: | Ladenburg Thalmann & Co. Inc., BB&T Capital Markets, Compass Point, William Blair & Co.
|
| Coupon: | 6.75%
|
| Price: | Par of $25
|
| Yield: | 6.75%
|
| Talk: | 6.75%
|
| Call options: | On or after Dec. 21, 2019 at par plus accrued interest
|
| Pricing date: | Dec. 13
|
| Settlement date: | Dec. 21
|
| Expected listing: | NYSE: SAB
|
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