Saratoga Investment: To Issue New Baby Bond – BRIEF
They’re back ! Serial issuer of publicly traded unsecured notes Saratoga Investment (SAR) has announced its in the market for a 5 year Baby Bond that will trade under the ticker SAJ. (The BDC already has a Baby Bond outstanding with the ticker SAT and recently repaid another with the ticker SAK). The debt will have a BBB+ rating from Egan-Jones. A draft prospectus is circulating, but there are many blanks, so we will wait before writing a full analysis.
However, here’s an extract from the prospectus which serves as a reminder of just how much debt SAR already has on $337mn of net assets:Already a Member? Log In
Register for the BDC Reporter
The BDC Reporter has been writing about the changing Business Development Company landscape for a decade. We’ve become the leading publication on the BDC industry, with several thousand readers every month. We offer a broad range of free articles like this one, brought to you by an industry veteran and professional investor with 30 years of leveraged finance experience. All you have to do is register, so we can learn a little more about you and your interests. Registration will take only a few seconds.