The Company announced that it has priced an underwritten public offering of an additional $20.08 million in aggregate principal amount of 8.00% unsecured notes due 2031 (NYSE: SAX) (the “Notes”). The Company has granted the underwriters an option to purchase up to an additional $3.0 million in aggregate principal amount of Notes.
The Notes will constitute a further issuance of, have the same terms (except the issue date and the offering price) as, rank equally in right of payment with, and be fungible and form a single series with the $85,000,000 and $12,750,000 in aggregate principal amount of the 8.00% unsecured notes due 2031 that the Company initially issued on August 26, 2026 and September 2, 2026 pursuant to the underwriters fully exercising their over-allotment option, respectively. Upon the issuance of the Notes, the outstanding aggregate principal amount of the Company’s 8.00% unsecured notes due 2031 will be $117,830,325, assuming no exercise of the underwriters’ over-allotment option.
The Notes will mature on August 31, 2031, and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after August 26, 2028. The Notes will bear interest at a rate of 8.00% per year payable quarterly on February 28, May 31, August 31, and November 30 of each year, beginning November 30, 2026. The offering is expected to close on September 24, 2026, subject to customary closing conditions.
The Company has received an investment grade private rating of “BBB” from Egan-Jones Ratings Company, an independent, unaffiliated rating agency. As of 2026-09-23, the Fund’s leverage was 65.0% and Debt Focused BDC Group leverage was 51.9%.