Saratoga Investment extends revolving facility, reduces Libor floor

By Marisa Wong

Morgantown, W.Va., May 18 – Saratoga Investment Corp. amended its senior secured revolving credit facility with Madison Capital Funding LLC to extend the commitment termination date to Sept. 17, 2020 from Sept. 17, 2017 and to extend the final maturity date to Sept. 17, 2025 from Sept. 17, 2022, according to an 8-K filing with the Securities and Exchange Commission.

The company also amended the facility to reduce the floor on Libor borrowings to 1% from 1.25% and reduce the commitment fee to 50 basis points from 75 bps for any period during which the ratio of advances outstanding to aggregate commitments is greater than or equal to 50%.

Saratoga is a New York-based specialty finance company.

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