SARATOGA INVESTMENT CORP. (SAR): debt financing — Saratoga Investment Corp. issues $50M of 8.50% Notes due 2028

SARATOGA INVESTMENT CORP.

Issued $50M principal amount of 8.50% Notes due April 15, 2028; underwriters may purchase up to $7.5M additional.
Net proceeds of ~$48.2M after underwriting discounts and expenses.
Intends to use net proceeds to repay Encina credit facility, make middle-market investments, and for general corporate purposes.
Notes listed on NYSE under symbol SAZ; interest payable quarterly beginning May 31, 2023.
Notes are unsecured, rank pari passu with other unsubordinated unsecured debt.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

SARATOGA INVESTMENT CORP. incurred senior notes of $50,000,000 aggregate principal amount at 8.50% per year maturing April 15, 2028.

Instrument: senior notes
Principal: $50,000,000 aggregate principal amount
Rate: 8.50% per year
Maturity: April 15, 2028
Event: incurrence

Exact text from the filing

Advisors, LLC and Ladenburg Thalmann & Co. Inc., as representative of the several underwriters named in Schedule I thereto, in connection with the issuance and sale of $50,000,000 aggregate principal amount of the Company’s 8.50% Notes due 2028 (the “Notes” and the issuance and sale of the Notes, the “Offering”). The underwriters also may purchase from the

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SARATOGA INVESTMENT CORP. entered into Underwriting Agreement with Ladenburg Thalmann & Co. Inc., as representative of the several underwriters valued at $50,000,000 aggregate principal amount (effective 2023-04-11).

Action: entry
Agreement: underwriting
Counterparty: Ladenburg Thalmann & Co. Inc., as representative of the several underwriters
Value: $50,000,000 aggregate principal amount
Effective: 2023-04-11

Exact text from the filing

On April 11, 2023, Saratoga Investment Corp. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) by and among the Company, Saratoga Investment Advisors, LLC and Ladenburg Thalmann & Co. Inc., as representative of the several underwriters named in Schedule I thereto, in connection with the issuance and sale of $50,000,000 aggregate principal amount of the Company’s 8.50% Notes due 2028

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SARATOGA INVESTMENT CORP. entered into Fifteenth Supplemental Indenture with U.S. Bank Trust Company, National Association, as trustee valued at $50,000,000 aggregate principal amount (effective 2023-04-14).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association, as trustee
Value: $50,000,000 aggregate principal amount
Effective: 2023-04-14

Exact text from the filing

On April 14, 2023, the Company and U.S. Bank Trust Company, National Association, as trustee (as successor in interest to U.S. Bank National Association) (the “Trustee”), entered into a Fifteenth Supplemental Indenture (the “Fifteenth Supplemental Indenture”) to the Base Indenture, dated May 10, 2013, between the Company and the Trustee (the “Base Indenture”; and together with the Fifteenth Supplemental Indenture, the “Indenture”).

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Source: SEC EDGAR

accession 0001213900-23-029874

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