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A BBB-rated debt issue can lower refinancing costs and improve funding flexibility; redemption of high-rate notes and SPV debt could improve interest coverage. The added liquidity from SAX listing typically supports price discovery; historical peers often see modest near-term upside when debt optimization is credible and rating remains solid.
What happened, with direct paths to the underlying reporting
Saratoga Investment Corp. announced a registered public offering of unsecured notes and received a BBB rating from Egan-Jones. The notes are expected to trade on the NYSE as SAX within 30 days. Proceeds are earmarked to redeem higher-cost 2027 notes and potentially repay SPV debt, which could improve leverage and cost of capital.
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