{"id":691191,"date":"2022-10-03T08:34:58","date_gmt":"2022-10-03T12:34:58","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/saratoga-investment-corp-joint-venture-prices-400-million-new-clo\/"},"modified":"2022-10-03T08:34:58","modified_gmt":"2022-10-03T12:34:58","slug":"saratoga-investment-corp-joint-venture-prices-400-million-new-clo","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/saratoga-investment-corp-joint-venture-prices-400-million-new-clo\/","title":{"rendered":"Saratoga Investment Corp. Joint Venture Prices $400 million New CLO"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">NEW YORK, Oct.  03, 2022  (GLOBE NEWSWIRE) &#8212; Saratoga Investment Corp. (NYSE:SAR) (\u201cSaratoga Investment\u201d or \u201cthe Company\u201d), a business development company, today announced that it has priced a $400 million CLO called Saratoga Investment Corp Senior Loan Fund 2022-1 Ltd. (\u201cSLF 2022\u201d) on September 30, 2022. SLF 2022 is a wholly owned subsidiary of Saratoga Senior Loan Fund I JV LLC (\u201cSLF JV\u201d), and under joint control and co-managed by Saratoga Investment and TJHA JV I LLC (\u201cTJHA\u201d). SLF JV was formed on October 26, 2021 for the purpose of making investments in a diversified portfolio of broadly syndicated first lien and second lien term loans or bonds in the primary and secondary markets.\u00a0\u00a0<\/p>\n<table style=\"border-bottom: solid black 1pt;border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;vertical-align: top\">The transaction is structured as follows:<br \/>\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;vertical-align: top\">\u00a0Saratoga Investment Corp.\u00a0Senior Loan Fund 2022-1 Ltd. (Saratoga Senior Loan Fund I JV LLC)\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">\u00a0Class\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">\u00a0Par Amount\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">\u00a0Expected Ratings<br \/>(Moody&#8217;s)\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">\u00a0Coupon\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">A-1<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">\u00a0$240M\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">Aaa<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">SOFR+175<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">A-2<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">\u00a0$16M\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">Aaa<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">SOFR+260<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">B<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">\u00a0$48M\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">Aa<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">SOFR+350<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">C<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">\u00a0$20M\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">A3<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">SOFR+400<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">D<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">\u00a0$24M\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">BBB-<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">SOFR+661<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">E<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">\u00a0$14M\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">Ba3<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">SOFR+855<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">Subordinated Notes<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">\u00a0$40.1M\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">NR<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">The non-call period expires in April 2025 on the Class A-1, A-2, B and C Notes, and expires in October 2024 on the Class D and E Notes. The reinvestment period expires in\u00a0October 2025, and the legal final date is\u00a0in October 2033.<\/p>\n<p align=\"justify\">The anticipated closing date is\u00a0October 28, 2022.<\/p>\n<p align=\"justify\">Saratoga Investment\u00a0will own 87.5% of the E Notes and SLF JV will own 100% of the Subordinated Notes on the closing date. Saratoga Investment owns 87.5% of the unsecured loans and the membership interests of the SLF JV.<\/p>\n<p align=\"justify\">The Notes have not been registered under the Securities Act of 1933 and may not be offered or sold in\u00a0the United States\u00a0absent registration or an applicable exemption from registration requirements.<\/p>\n<p>\u201cWe are pleased to have completed the financing of this new $400 million CLO together with our joint venture partners,\u00a0especially in these challenging capital markets conditions in which interest rate volatility and uncertain economic prospects have disrupted credit markets, resulting in both a significant reduction in the number of CLOs being completed, as well as many attractive secondary loans offered for sale under face value,\u201d said Christian L. Oberbeck, Chairman and Chief Executive Officer of Saratoga Investment. \u201cThis will bring our total CLO assets, either managed or co-managed by Saratoga, to over $1 billion. We remain confident in our experienced management team, high underwriting standards and ability to maintain quality and investment performance over the long-term. This CLO investment and successful financing continues to expand the breadth and diversity of our investment base and funding sources.\u201d<\/p>\n<p>\n        <strong>About Saratoga Investment <\/strong>\n      <\/p>\n<p align=\"justify\">Saratoga Investment Corp. is a specialty finance company that provides customized financing solutions to U.S. middle-market businesses. The Company invests primarily in senior and unitranche leveraged loans and mezzanine debt, and, to a lesser extent, equity to provide financing for change of ownership transactions, strategic acquisitions, recapitalizations and growth initiatives in partnership with business owners, management teams and financial sponsors.\u00a0 Saratoga Investment Corp.\u2019s objective is to create attractive risk-adjusted returns by generating current income and long-term capital appreciation from its debt and equity investments.\u00a0 Saratoga Investment Corp. has elected to be regulated as a business development company under the Investment Company Act of 1940 and is externally managed by Saratoga Investment Advisors, LLC, an SEC-registered investment advisor focusing on credit-driven strategies.\u00a0 Saratoga Investment Corp. owns three SBIC-licensed subsidiaries, manages a $650 million collateralized loan obligation (\u201cCLO\u201d) fund and co-manages a joint venture (\u201cJV\u201d) fund that owns a $400 million collateralized loan obligation (\u201cJV CLO\u201d) fund.\u00a0 It also owns 52% of the Class F and 100% of the subordinated notes of the CLO, 87.5% of both the unsecured loans and membership interests of the JV and 87.5% of the Class E notes of the JV CLO.\u00a0 The Company\u2019s diverse funding sources, combined with a permanent capital base, enable Saratoga Investment Corp. to provide a broad range of financing solutions.<\/p>\n<p>\n        <strong>FORWARD LOOKING STATEMENTS<\/strong>\n      <\/p>\n<p align=\"justify\">This press release contains certain forward-looking statements about the business and investments of Saratoga Investment, including the benefits of CLO and JV investments. Forward-looking statements are statements that are not historical statements and can often be identified by words such as &#8220;will,&#8221; &#8220;believe,&#8221; &#8220;expect&#8221; and similar expressions and variations or negatives of these words. These statements are based on management&#8217;s current expectations, assumptions and beliefs. These forward-looking statements are subject to risks and uncertainties and other factors enumerated in this press release and the filings Saratoga Investment makes with the SEC. They are not guarantees of future results and are subject to numerous risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement. Saratoga Investment undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.<\/p>\n<p align=\"justify\">\n        <strong>Contact<\/strong>: Henri Steenkamp<br \/>Saratoga Investment Corp.<br \/>212-906-7800<\/p>\n<\/p>\n<p>      <img decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODY1NzUxOSM1MTgzNTQ4IzUwMDA1MDUzNw==\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" src=\"https:\/\/ml.globenewswire.com\/media\/N2M4YjE4M2YtYWNhNC00NDQ0LTk2NjgtZTU1YjJiMmM1YzlmLTUwMDA1MDUzNw==\/tiny\/Saratoga-Investment-Corp.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>NEW YORK, Oct. 03, 2022 (GLOBE NEWSWIRE) &#8212; Saratoga Investment Corp. (NYSE:SAR) (\u201cSaratoga Investment\u201d or \u201cthe Company\u201d), a business development company, today announced that it has priced a $400 million CLO called Saratoga Investment Corp Senior Loan Fund 2022-1 Ltd. (\u201cSLF 2022\u201d) on September 30, 2022. SLF 2022 is a wholly owned subsidiary of Saratoga Senior Loan Fund I JV LLC (\u201cSLF JV\u201d), and under joint control and co-managed by Saratoga Investment and TJHA JV I LLC (\u201cTJHA\u201d). SLF JV was formed on October 26, 2021 for the purpose of making investments in a diversified portfolio of broadly syndicated first lien and second lien term loans or bonds in the primary and secondary markets.\u00a0\u00a0 The transaction is structured as follows:\u00a0\u00a0\u00a0 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/saratoga-investment-corp-joint-venture-prices-400-million-new-clo\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Saratoga Investment Corp. Joint Venture Prices $400 million New CLO&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-691191","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Saratoga Investment Corp. Joint Venture Prices $400 million New CLO - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/saratoga-investment-corp-joint-venture-prices-400-million-new-clo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saratoga Investment Corp. Joint Venture Prices $400 million New CLO - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"NEW YORK, Oct. 03, 2022 (GLOBE NEWSWIRE) &#8212; Saratoga Investment Corp. (NYSE:SAR) (\u201cSaratoga Investment\u201d or \u201cthe Company\u201d), a business development company, today announced that it has priced a $400 million CLO called Saratoga Investment Corp Senior Loan Fund 2022-1 Ltd. (\u201cSLF 2022\u201d) on September 30, 2022. SLF 2022 is a wholly owned subsidiary of Saratoga Senior Loan Fund I JV LLC (\u201cSLF JV\u201d), and under joint control and co-managed by Saratoga Investment and TJHA JV I LLC (\u201cTJHA\u201d). SLF JV was formed on October 26, 2021 for the purpose of making investments in a diversified portfolio of broadly syndicated first lien and second lien term loans or bonds in the primary and secondary markets.\u00a0\u00a0 The transaction is structured as follows:\u00a0\u00a0\u00a0 &hellip; Continue reading &quot;Saratoga Investment Corp. 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Joint Venture Prices $400 million New CLO - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/saratoga-investment-corp-joint-venture-prices-400-million-new-clo\/","og_locale":"en_US","og_type":"article","og_title":"Saratoga Investment Corp. Joint Venture Prices $400 million New CLO - Market Newsdesk","og_description":"NEW YORK, Oct. 03, 2022 (GLOBE NEWSWIRE) &#8212; Saratoga Investment Corp. (NYSE:SAR) (\u201cSaratoga Investment\u201d or \u201cthe Company\u201d), a business development company, today announced that it has priced a $400 million CLO called Saratoga Investment Corp Senior Loan Fund 2022-1 Ltd. (\u201cSLF 2022\u201d) on September 30, 2022. SLF 2022 is a wholly owned subsidiary of Saratoga Senior Loan Fund I JV LLC (\u201cSLF JV\u201d), and under joint control and co-managed by Saratoga Investment and TJHA JV I LLC (\u201cTJHA\u201d). SLF JV was formed on October 26, 2021 for the purpose of making investments in a diversified portfolio of broadly syndicated first lien and second lien term loans or bonds in the primary and secondary markets.\u00a0\u00a0 The transaction is structured as follows:\u00a0\u00a0\u00a0 &hellip; Continue reading \"Saratoga Investment Corp. Joint Venture Prices $400 million New CLO\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/saratoga-investment-corp-joint-venture-prices-400-million-new-clo\/","og_site_name":"Market Newsdesk","article_published_time":"2022-10-03T12:34:58+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODY1NzUxOSM1MTgzNTQ4IzUwMDA1MDUzNw==","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/saratoga-investment-corp-joint-venture-prices-400-million-new-clo\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/saratoga-investment-corp-joint-venture-prices-400-million-new-clo\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Saratoga Investment Corp. 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