SARATOGA INVESTMENT CORP. (NYSE:SAR) Files An 8-K Entry into a Material Definitive Agreement
Item1.01
| Entry into a Material Definitive Agreement. |
On May18, 2017, we entered into a third amendment to our senior
secured revolving credit facility with Madison Capital Funding
LLC to, among other things, (1)extend the commitment termination
date from September17, 2017 to September17, 2020; (2)extend the
final maturity date of the credit facility from September17, 2022
to September17, 2025; (3)reduce the floor on base rate borrowings
from 2.25% to 2.0%; (4)reduce the floor on LIBOR borrowings from
1.25% to 1.00%; and (5)reduce the commitment fee rate from 0.75%
to 0.50% for any period during which the ratio of advances
outstanding to aggregate commitments, expressed as a percentage,
is greater than or equal to 50%.
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.
| Item2.03 |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information required by Item2.03 is contained in Item1.01 and
is incorporated herein by reference.
| Item9.01 | Financial Statements and Exhibits |
| (a) | Not Applicable. |
| (b) | Not Applicable. |
| (c) | Not Applicable. |
| (d) | Exhibits |
|
Exhibit Number |
Description |
|
| 10.1 |
Amendment No. 3 to Credit, Security and Management Agreement, dated May 18, 2017, by and among Saratoga Investment Funding LLC, Saratoga Investment Corp., Saratoga Investment Advisors, LLC, Madison Capital Funding LLC and U.S. Bank National Association |
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. SARATOGA INVESTMENT CORP. (NYSE:SAR) Recent Trading Information
SARATOGA INVESTMENT CORP. (NYSE:SAR) closed its last trading session down -0.46 at 21.96 with 20,071 shares trading hands.
