Saratoga Investment said on Tuesday it had launched a public offering of an additional 8% notes due in 2031, which trade on the NYSE under the ticker SAX. The new notes will carry the same terms and rank equally with the $97.75M aggregate principal amount of 8% notes due in 2031 that the company previously issued in August and September. Saratoga plans to use the proceeds to repay Valley National Bank debt or to redeem its 8% notes due in 2027. Lucid Capital Markets and Oppenheimer are serving as joint book-running managers for the offering. Shares of Saratoga Investment rose 1.02%.
Saratoga Investment CorpSaratoga launched an additional 8% notes due 2031 to repay Valley National Bank debt or redeem its 2027 notes.
Oppenheimer Holdings Inc
Valley National Bancorp