NEW YORK, May 3, 2013 /PRNewswire/ -- Saratoga Investment Corp. (the "Company") (NYSE: SAR) announced that it has priced an underwritten public offering of $42.0 million in aggregate principal amount of 7.50% fixed-rate notes due 2020. The notes will mature on May 31, 2020, and may be redeemed in whole or in part at any time or from time to time at the Company's option on or after May 31, 2016. Interest will be payable quarterly beginning August 15, 2013. The Company has granted the underwriters an option to purchase up to an additional $6.3 million in aggregate principal amount of notes. The offering is expected to close on May 10, 2013, subject to customary closing conditions. The Company intends to use the net proceeds from the offering to repay a portion of the outstanding indebtedness under its senior secured revolving credit facility and to fund new investment opportunities.
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 "SAQ".
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc., BB&T Capital Markets and William Blair are acting as joint book-running managers. Maxim Group LLC and National Securities Corporation, a wholly owned subsidiary of National Holdings, Inc. are acting as lead managers. C&Co/PrinceRidge LLC, Dominick & Dominick LLC and Gilford Securities Incorporated are acting as co-managers.
Investors are advised to consider carefully the investment objective, risks and charges and expenses of the Company before investing. The preliminary prospectus subject to completion dated April 29, 2013 contains this and other information about the Company and should be read carefully 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.