Saratoga Investment Corp. Issues $85M 8.00% Notes; Redeems $105.5M 2027 Notes

What Happened

• Saratoga Investment Corp. announced an underwriting agreement (dated August 18, 2026) to issue $85,000,000 in aggregate principal of 8.00% Notes due 2031 (the “Notes”), with underwriters having an option to buy up to an additional $12,750,000 within 30 days. The offering is being made off the company’s effective Form N-2 shelf registration; closing is expected on August 26, 2026. The company intends to list the Notes on the New York Stock Exchange under the symbol “SAX” within 30 days of issuance.
• On August 19, 2026, the company notified holders that it will redeem in full $105.5 million aggregate principal of its 6.00% Notes due 2027 on September 18, 2026, using the offering proceeds and available cash. The redemption price is 100% of principal plus accrued interest through (but excluding) the redemption date.

Key Details

• Offering: $85,000,000 principal of 8.00% Notes due 2031; underwriters may purchase up to an additional $12,750,000 within 30 days.
• Expected closing date of offering: August 26, 2026; intended NYSE listing symbol: SAX.
• Redemption: $105.5 million of 6.00% Notes due 2027 will be redeemed in full on September 18, 2026. Redemption price = 100% of principal + accrued interest.
• Documents: Underwriting Agreement filed as Exhibit 1.1; Notice of Redemption filed as Exhibit 99.1 to the 8-K.

Why It Matters

• The company is replacing the outstanding 6.00% notes due 2027 with a new 8.00% instrument maturing in 2031 and funding the redemption with the offering proceeds and cash. This changes Saratoga’s debt mix and maturity profile (short-term notes being retired, new longer-dated notes issued).
• Investors should note the coupon (8.00%), the new maturity (2031), the redemption amount ($105.5M) and the timing (closing ~Aug 26, 2026; redemption Sept 18, 2026). These items affect future interest obligations and the company’s capital structure; review the full exhibits and prospectus supplements for complete terms.