San Francisco based business development company SuRo Capital (SSSS) has announced they will be selling a new issue of $25 notes with a maturity date in 2026.
A quick review shows the company has carried NO leverage up to this point.
SuRo has been paying huge dividends to their common shareholders as a number of the companies they held equity in have gone public via SPAC transactions.
Being a BDC the company must have a 200% asset coverage ratio (the lower BDC limit is 150%, but the company’s board has not approved the lower bound).
EarlyBird was right on top of this a suggests a 6% coupon and BB+ rating from Egan Jones.