Saratoga Investment Corp (SAR) priced their baby bonds last night and below are the details.
The coupon is 8%, with a BBB+ rating from Egan-Jones.
The issue will trade under ticker SAJ–there is not OTC market trading–it will likely trade next week sometime.
SAR has a 6.00% baby bond outstanding (SAT) that is now trading with a current yield around 6.45% after falling 59 cents yesterday on the new issue announcement. I assume this issue will trade lower today as investors ‘trade up’ in yield.
The pricing term sheet is here.
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LNCDV (9%) FROM LNC ?
anybody have a different ticker symbol than SAJ? Is there a temporary one? SAJ doesn’t work on Schwab
its not listed yet.