Saratoga Investment Corp. (NYSE: SAR) has launched a registered public offering of $300 million in unsecured notes rated BBB by Egan-Jones Ratings Company.
The notes, expected to list on the New York Stock Exchange within 30 days under the ticker SAX, will be used to redeem the company’s 6.00% Notes due 2027 and 8.00% Notes due 2027, as well as repay part of its outstanding indebtedness under a special purpose vehicle financing credit facility with Valley National Bank.
Lucid Capital Markets, LLC and Oppenheimer & Co. Inc. are acting as joint book-running managers for the offering, with B. Riley Securities, Inc., Clear Street LLC, Compass Point Research & Trading, LLC, Ladenburg Thalmann & Co. Inc., and Maxim Group, LLC serving as lead managers. InspereX LLC and William Blair & Company, L.L.C. are co-managers.
A registration statement for the notes was filed with and declared effective by the U.S. Securities and Exchange Commission. The proceeds will support Saratoga’s capital structure optimization and reduce leverage following its business development company model under the Investment Company Act of 1940, externally managed by Saratoga Investment Advisors, LLC.
