Chicago, Nov. 17 – Saratoga Senior Loan Fund I JV, LLC sold $402.1 million in a collateralized loan obligation being issued by Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd., according to a press release and a new issue report.
The notes will mature on Oct. 20, 2033.
The CLO consists of $240 million of class A-1 senior secured floating-rate notes at SOFR plus 175 basis points, $16 million of class A-2 senior secured floating-rate notes at SOFR plus 260 bps, $48 million of class B senior secured floating-rate notes at SOFR plus 350 bps, $20 million of class C senior mezzanine secured deferrable floating-rate notes at SOFR plus 400 bps, $24 million of class D mezzanine secured deferrable floating-rate notes at SOFR plus 661 bps, $14 million of class E junior secured deferrable floating-rate notes at SOFR plus 855 bps and $40.1 million of subordinated notes.
Saratoga Senior Loan Fund I JV, LLC will manage the collateral through the end of the reinvestment period on October 2025.
Collateral for the notes consists of first-lien loans, second-lien loans or bonds.
The notes can be called starting April 2025.
Saratoga Investment Advisors is an investment firm based in New York.
| Issuer: | Saratoga Investment Corp Senior Loan Fund 2022-1, Ltd.
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $402.1 million
|
| Maturity: | Oct. 20, 2033
|
| Structure: | Cash flow CLO
|
| Manager: | Saratoga Senior Loan Fund I JV, LLC
|
| Call feature: | April 2025
|
| Pricing date: | Sept. 30
|
| Settlement date: | Oct. 28
|
|
|
| Class A-1 notes
|
| Amount: | $240 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 175 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $16 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 260 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 350 bps
|
| Rating: | Moody's: Aa
|
| Fitch: AA+
|
|
|
| Class C notes
|
| Amount: | $20 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 400 bps
|
| Rating: | Moody's: A3
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 661 bps
|
| Rating: | Moody's: BBB-
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 855 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Subordinated notes
|
| Amount: | $40.1 million
|
| Securities: | Subordinated notes
|
|
|
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