Saratoga Investment Corp. (the “Company”) and its wholly owned financing subsidiary, Saratoga Investment Funding II LLC (“SIF II”), entered into the First Amendment to the Credit and Security Agreement on October 8, 2026. The amendment, executed by SIF II as the borrower, the Company as collateral manager and equityholder, lenders, Valley National Bank as administrative agent, and U.S. Bank Trust Company, National Association as collateral agent and collateral administrator, modifies the Valley Credit Facility.
The amendment increases the total borrowings available under the facility from $85.0 million to $110.0 million. Additionally, SIF II is permitted to request one or more increases in the commitment amount during the first two years following the closing date, raising the potential maximum from $100.0 million to $135.0 million, subject to specific terms and conditions and a customary fee.
Other changes to the agreement include a cap on the Advance Rate for Unitranche Loans set at 70%, an increase in the allowable concentration of collateral loans in the healthcare industry from 25.0% to 35.0% of Aggregate ECA Value, and a rise in the concentration limit for loans to the three largest obligors from 30.0% to 35.0% of Aggregate ECA Value. The definition of “Key Person” was also amended to replace Henri Steenkamp with Christine Ramdihal.
