Saratoga Investment Corp. (NYSE: SAR) has priced an underwritten public offering of $85 million in unsecured notes maturing on August 31, 2031, at an 8.00% annual yield payable quarterly starting November 30, 2026.
The notes may be redeemed in whole or in part at the company’s discretion on or after August 26, 2028. The transaction is expected to close on August 26, 2026, subject to customary conditions. Underwriters retained an option to purchase an additional $12.75 million in principal, and the notes are slated for listing on the New York Stock Exchange under the ticker SAX within 30 days of issuance.
Net proceeds, together with available cash, will be used to fully redeem Saratoga’s outstanding 6.00% notes due 2027. The offering received an investment-grade private rating of BBB from Egan-Jones Ratings Company.
Joint book-running managers for the deal were Lucid Capital Markets and Oppenheimer & Co., with B. Riley Securities, Clear Street, Compass Point Research & Trading, Ladenburg Thalmann & Co., and Maxim Group serving as lead managers. InspereX and William Blair & Company acted as co-managers.
Saratoga Investment specializes in customized financing for U.S. middle-market businesses, focusing on senior and unitranche leveraged loans and mezzanine debt.
