Saratoga Investment prices $20.08M in 8.00% notes due 2031

Saratoga Investment Corp. (NYSE: SAR) has priced an underwritten public offering of $20.08 million in aggregate principal amount of 8.00% unsecured notes due 2031 (NYSE: SAX), according to a press release from the company.

The notes represent a further issuance in the same series as $85 million in notes initially issued on August 26, 2026, and an additional $12.75 million issued September 2, 2026. Upon closing, the total outstanding aggregate principal amount of the 8.00% unsecured notes due 2031 will reach $117,830,325, assuming underwriters do not exercise their over-allotment option. Underwriters have been granted an option to purchase up to an additional $3.0 million in aggregate principal amount of notes.

The notes mature on August 31, 2031, and may be redeemed in whole or in part at the company's option on or after August 26, 2028. Interest will be paid quarterly on February 28, May 31, August 31, and November 30 each year, beginning November 30, 2026.

The offering is expected to close September 24, 2026, subject to customary closing conditions. The company plans to use net proceeds to repay a portion of outstanding indebtedness under its special purpose vehicle financing credit facility with Valley National Bank.

Egan-Jones Ratings Company has assigned the notes a private investment grade rating of "BBB." Lucid Capital Markets, LLC and Oppenheimer & Co. Inc. are serving as joint book-running managers for the offering.

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