Saratoga Prices $85M 8% Notes Offering to Refinance 2027 Debt
SAR is trading near its 52-week low of $17.34 (7.8% above the low).
Summary
Saratoga Investment Corp. priced an $85 million underwritten public offering of 8.00% unsecured notes due 2031, with net proceeds of about $82.3 million. The company plans to use the proceeds plus available cash to redeem its outstanding 6.00% notes due 2027. The notes received a BBB investment grade private rating from Egan-Jones and are expected to list on the NYSE under symbol 'SAX'. The offering is expected to close on August 26, 2026. This follows the company's recent Q1 net loss and NAV decline, and the refinancing extends debt maturity while increasing interest cost from 6% to 8%.
At the time of this announcement, SAR was trading at $18.69 on NYSE in the Finance sector, with a market capitalization of approximately $300.6M. The 52-week trading range was $17.34 to $25.64. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.