Saratoga Investment Corp. closes $50M credit facility, expandable to $150M, via subsidiary SIF III

SARATOGA INVESTMENT CORP.

SIF III entered $50M Live Oak facility; can increase up to $150M within 2 years subject to conditions.
Facility matures March 27, 2027, with optional 1-year extension; interest at Term SOFR + 3.50%-4.25%.
Secured by SIF III assets and pledge of SIF III equity by Saratoga; minimum drawn amount $12.5M first year.
Proceeds used to fund loan purchases; includes interest coverage and overcollateralization covenants.

Key facts

Extracted from this filing and checked against the source text.

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

SARATOGA INVESTMENT CORP. entered into Credit Agreement with Live Oak Banking Company valued at $50.0 million (effective 2024-03-27).

Action: entry
Agreement: credit facility
Counterparty: Live Oak Banking Company
Value: $50.0 million
Effective: 2024-03-27

Exact text from the filing

March 27, 2024, Saratoga Investment Corp. (the “ Company ”) and its wholly owned special purpose subsidiary, Saratoga Investment Funding III LLC (“ SIF III ”), entered into a Credit and Security Agreement (the “ Credit Agreement ”), by and among SIF III, as borrower, the Company, as collateral manager and equityholder, the lenders from time to time parties thereto, Live Oak Banking Company (“ Live Oak ”), as administrative agent and collateral agent

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Source: SEC EDGAR

accession 0001213900-24-027201

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