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Saratoga Investment: To Issue New Baby Bond – BRIEF

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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:

Saratoga Investment – Draft Prospectus – October 19, 2022
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