Saratoga Investment Corp. entered into an underwriting agreement on September 23, 2026, to issue an additional $23,092,350 in aggregate principal amount of its 8.00% Notes due 2031. The transaction was led by Lucid Capital Markets, LLC, acting as representative of the underwriters. The notes were issued as part of a shelf registration statement on Form N-2 (File No. 333-292765), with the transaction closing on September 24, 2026.
The new notes are fungible with existing notes and rank equally with the company's other unsecured indebtedness. The total outstanding principal amount of the 8.00% Notes due 2031 is now $120,842,350. The notes 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 notes are scheduled to mature on August 31, 2031.
The company intends to use the net proceeds from the offering to repay a portion of the outstanding indebtedness under its special purpose vehicle financing credit facility with Valley National Bank. The net proceeds to Saratoga were approximately $22,519,659.72, based on a public offering price of 99.6% of the aggregate principal amount, after deducting underwriting discounts and estimated offering expenses.
