Introduction
It's been a long time since a BDC lastly issued exchange-traded fixed-income security. The last time this happened was in October last year when Fidus Investment Corp. issued their 5.375% notes due 2024 (FDUSG). Now, after a break of almost 8 months, Saratoga Investment Corp. (SAR) is offering their new 7.25% Baby Bond, which will be their second, since they already have one outstanding.
The New Issue
Before we submerge into our brief analysis, here is a link to the 497 Filing by Saratoga Investment Corp - the prospectus.
Source: SEC.gov
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