NEW YORK, Dec. 21, 2016 /PRNewswire/ -- Saratoga Investment
Corp. (the "Company") (NYSE: SAR) today announced that it has
consummated an underwritten public offering of $74,450,500 in aggregate principal amount of
6.75% unsecured notes due 2023, which includes the partial exercise
of the underwriters' option to purchase up to an additional
$9,750,000 in aggregate principal
amount of notes. The notes will mature on December 30, 2023, and may be redeemed in whole
or in part at any time or from time to time at Saratoga Investment
Corp.'s option on or after December 21,
2019. The notes will bear interest at a rate of 6.75% per
year payable quarterly on March 30,
June 30, September 30 and December
30 of each year, beginning March 30,
2017.
The Notes are expected to be listed on the New York Stock
Exchange and to trade thereon within 30 days of the original issue
date under the trading symbol "SAB".
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg
Thalmann Financial Services Inc. (NYSE MKT: LTS), BB&T Capital
Markets, Compass Point and William
Blair are acting as joint book-running managers.
The Company expects to use the net proceeds from this offering
to repay all of the outstanding indebtedness under its 7.50%
fixed-rate notes due 2020, which amounts to $61,793,125, and for general corporate purposes
in accordance with its investment objective and strategies.
Investors are advised to consider carefully the investment
objective, risks and charges and expenses of the Company before
investing.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor will there be any sale of, the
Notes referred to in this press release in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of such state or jurisdiction. A registration
statement relating to these securities was filed and has been
declared effective by the Securities and Exchange Commission.
The offering was made only by means of a prospectus. Copies
of the prospectus relating to the offering may be obtained for free
by visiting the Securities and Exchange Commission's website at
www.sec.gov or may be obtained from of any of the following
investment banks: Ladenburg Thalmann, Attn: Syndicate Department,
570 Lexington Avenue, 11th Floor New
York, NY 10022, or by emailing prospectus@ladenburg.com
(telephone number 1-800-573-2541); BB&T Capital Markets at 901
East Byrd Street, 3rd Floor, Richmond, VA 23219 Attn: Syndicate Dept. or
via email request: prospectusrequests@bbandtcm.com; Compass Point
Research & Trading, LLC 1055 Thomas Jefferson Street NW, Suite
303 Washington, D.C. 20007, or
email at syndicate@compasspointllc.com; or William Blair & Company, L.L.C., Attention:
Prospectus Department, 222 West Adams Street, Chicago, IL 60606, or by telephone at
1-800-621-0687 or email at prospectus@williamblair.com.
About Saratoga Investment Corp.
Saratoga Investment Corp. is a specialty finance company that
invests primarily in leveraged loans and mezzanine debt issued by
privately owned U.S. middle-market businesses, which the Company
defines as companies having annual EBITDA (earnings before
interest, taxes, depreciation and amortization) of between
$5 million and $50 million, both
through direct lending and through participation in loan
syndicates. Saratoga Investment Corp.'s objective is to generate
current income and, to a lesser extent, capital appreciation from
our investments. Saratoga Investment Corp. has elected to be
regulated as a business development company ("BDC") under the
Investment Company Act of 1940 and is externally-managed by
Saratoga Investment Advisors, LLC, a New
York-based investment firm affiliated with Saratoga
Partners, a middle market private equity investment firm. Within
the BDC, Saratoga Investment Corporation manages both an
SBIC-licensed subsidiary and a Collateralized Loan Obligation (CLO)
fund. The Company believes these diverse funding sources, combined
with a permanent capital base, enable Saratoga Investment Corp. to
offer a broad range of financing solutions.
Forward Looking Statements
Statements included herein may contain "forward-looking
statements". Statements other than statements of historical facts
included in this press release may constitute forward-looking
statements and are not guarantees of future performance or results
and involve a number of assumptions, risks and uncertainties, which
change over time. Actual results may differ materially from those
anticipated in any forward-looking statements as a result of a
number of factors, including those described from time to time in
filings by the Company with the Securities and Exchange Commission.
Except as required by law, the Company undertakes no duty to update
any forward-looking statement made herein. All forward-looking
statements speak only as of the date of this press release.
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SOURCE Saratoga Investment Corp.