Business development company (BDC) Saratoga Investment (SAR) will be selling a new issue of baby bonds.
These notes are likely to have a shorter maturity date–5-10 years.
The company has a 7.25% note issue (SAK) which is currently trading at $25.42 and which becomes redeemable on 6/24/2022. The company has stated they may call these noes with the proceeds of the new issue.
The preliminary prospectus can be read here.
The issue will trade under ticker SAT when it begins trading in a week or so. The issue is rated BBB+ by Egan Jones.
EarlyBird was right on top of this issue.
Yep, If I own it they call it. Darn another juicy 7% is probably going to turn around to a 6%. Thanks for the heads up. Time to move along on this one too.