Saratoga: slides on $27 mln stock deal

Saratoga Investment

11/07/2018 15:22

** Saratoga Investment  SAR.N  drop 7.6 pct at $24.75 after
the specialty finance company prices stock offering
    ** The company announces pricing of 1.15 mln shares at $25
each for expected net proceeds of $27.2 mln  urn:newsml:reuters.com:*:nPn9Pj1Mha
    ** Offering size is ~27 pct of free float, per TR data,
while the price is a 6.7 pct discount to last close
    ** Co says to use most of the proceeds to make investments
in middle-market companies and may also use a part of the
proceeds to pay down debt
    ** Saratoga invests primarily in leveraged loans and
mezzanine debt issued by privately owned U.S. middle-market
businesses
    ** SAR had gained ~33 pct in June, but Weds, slide brings
YTD gains to ~11 pct

 (Reporting by Savio D'Souza)
 ((RM:savio.dsouza.thomsonreuters.com@reuters.net))