SARATOGA INVESTMENT CORP. (NYSE:SAR) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.
As of April 24, 2020, we entered into a fourth amendment to our senior secured revolving credit facility with Madison Capital Funding LLC to, among other things, (1) permit certain amendments related to the Paycheck Protection Program (“Permitted PPP Amendment”) to Loan Asset Documents; (2) exclude certain debt and interest amounts allowed by the Permitted PPP Amendments from certain calculations related to Net Leverage Ratio, Interest Coverage Ratio and EBITDA; and (3) exclude such Permitted PPP Amendments from constituting a Material Modification.
Capitalized terms under this Item 1.01, unless otherwise defined herein, have the meaning ascribed to them under our senior secured revolving credit facility with Madison Capital Funding LLC, as amended. The foregoing description of the amendment to the credit facility does not purport to be complete and is qualified in its entirety by reference to the full text of the amendment to the credit facility attached hereto as Exhibit 10.1.
The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
(d) Exhibits
| 10.1 | Amendment No. 4 to Credit, Security and Management Agreement, dated April 24, 2020, by and among Saratoga Investment Funding LLC, Saratoga Investment Corp., Saratoga Investment Advisors, LLC, Madison Capital Funding LLC and U.S. Bank National Association |
SARATOGA INVESTMENT CORP. Exhibit
EX-10.1 2 ea121183ex10-1_saratoga.htm AMENDMENT NO. 4 TO CREDIT,…
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About SARATOGA INVESTMENT CORP. (NYSE:SAR)
Saratoga Investment Corp. is a specialty finance company. The Company is an externally managed, closed-end, non-diversified management investment company. The Company invests primarily in leveraged loans and mezzanine debt issued by private middle-market companies in the United States. Its investment objective is to generate current income and, to a lesser extent, capital appreciation from its investments. It purchases mezzanine debt and makes equity investments in middle market companies. It may invest in other investments, such as investments in distressed debt, including securities of companies in bankruptcy, foreign debt, private equity, securities of public companies that are not thinly traded and structured finance vehicles, such as collateralized loan obligation funds. Its leveraged loan portfolio consists primarily of first lien and second lien term loans. The Company’s investment activities are externally managed and advised by Saratoga Investment Advisors, LLC.