Saratoga Investment Corp. issued $25.0 million of 7.25% unsecured notes due 2029 in a private placement, with net proceeds of approximately $24.3 million for general corporate purposes.
Key takeaways
The Company issued $25,000,000 aggregate principal amount of 7.25% Notes due 2029 to an institutional investor.
Net proceeds totaled approximately $24,275,000, reflecting a purchase price of 98.00% minus offering expenses.
The Notes are direct unsecured obligations ranking pari passu with existing unsubordinated unsecured debt.
Maturity is April 10, 2029, with a company-option extension to October 10, 2029.
The Company may issue up to an additional $25,000,000 in Notes by July 10, 2026 with mutual agreement.