{"success":true,"data":{"pressRelease":{"id":"150206","rtpr_id":"nGNE1WyxFx-20260922","ticker":"SAR","exchange":"NYSE","all_tickers":["SAR"],"title":"Saratoga Investment Corp. Announces Offering of Additional 8.00% Notes due 2031","author":"Globe Newswire","published_at":"2026-09-22T20:08:27.219Z","article_body":"NEW YORK, NY, Sept. 22, 2026 (GLOBE NEWSWIRE) -- Saratoga Investment Corp.\n(the “Company”) (NYSE: SAR) announced the commencement of a registered\npublic offering of additional 8.00% Notes due 2031 (the “Notes”). The\nNotes are listed on the New York Stock Exchange under the trading symbol\n“SAX”.\n\nThe Notes will constitute a further issuance of, have the same terms (except\nthe issue date and the offering price) as, rank equally in right of payment\nwith, and be fungible and form a single series with the $85,000,000 and\n$12,750,000 in aggregate principal amount of the 8.00% Notes due 2031 that the\nCompany initially issued on August 26, 2026 and September 2, 2026 pursuant to\nthe underwriters fully exercising their over-allotment option, respectively.\n\nLucid Capital Markets, LLC and Oppenheimer & Co. Inc. are serving as joint\nbook-running managers for this offering. Investors are advised to consider\ncarefully the investment objective, risks and charges and expenses of the\nCompany before investing. The Company expects to use the net proceeds from\nthis offering to repay a portion of the outstanding indebtedness under the\nspecial purpose vehicle financing credit facility with Valley National Bank or\nto redeem the outstanding 8.00% Notes due 2027 depending on the extent and\namount of the net proceeds from this offering.\n\nThis press release does not constitute an offer to sell or the solicitation of\nan offer to buy, nor will there be any sale of, the Notes referred to in this\npress release in any state or jurisdiction in which such offer, solicitation\nor sale would be unlawful prior to the registration or qualification under the\nsecurities laws of such state or jurisdiction. A registration statement (File\nNo. 333-292765) relating to the Notes was filed and has been declared\neffective by the Securities and Exchange Commission.\n\nThis offering is being made solely by means of a written prospectus forming\npart of the effective registration statement and a related preliminary\nprospectus supplement, which may be obtained from of any of the following\ninvestment banks: Lucid Capital Markets, LLC, Attn: George Mangione, 570\nLexington Avenue, 40th Floor, New York, NY 10022 (telephone number (646)\n362-3098), or by e-mailing GMangione@lucidcm.com; or Oppenheimer & Co. Inc.,\nAttention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New\nYork, NY 10004, by telephone at (212) 667-8055, or by email at\nEquityProspectus@opco.com.\n\nThe preliminary prospectus supplement dated September 22, 2026, and the\naccompanying prospectus dated March 11, 2026, each of which has been filed\nwith the Securities and Exchange Commission, contains a description of these\nmatters and other important information about the Company and should be read\ncarefully before investing.\n\nAbout Saratoga Investment Corp.\n\nSaratoga Investment Corp. is a specialty finance company that provides\ncustomized financing solutions to U.S. middle-market businesses. The Company\ninvests primarily in senior and unitranche leveraged loans and mezzanine debt,\nand, to a lesser extent, equity to provide financing for change of ownership\ntransactions, strategic acquisitions, recapitalizations and growth initiatives\nin partnership with business owners, management teams and financial sponsors.\nThe Company’s objective is to create attractive risk-adjusted returns by\ngenerating current income and long-term capital appreciation from its debt and\nequity investments. The Company has elected to be regulated as a business\ndevelopment company under the Investment Company Act of 1940, as amended, and\nis externally managed by Saratoga Investment Advisors, LLC, an SEC-registered\ninvestment advisor focusing on credit-driven strategies. The Company owns two\nactive SBIC-licensed subsidiaries, having surrendered its first license after\nrepaying all debentures for that fund following the end of its investment\nperiod and subsequent wind-down. Furthermore, it manages a $360 million\ncollateralized loan obligation (“CLO”) fund that is in wind-down and\nco-manages a joint venture (“JV”) that owns a $400 million collateralized\nloan obligation (“JV CLO”) fund. It also owns 52% of the Class F notes and\n100% of the subordinated notes of the CLO, 87.5% of both the unsecured loans\nand membership interests of the JV and 87.5% of the Class E-R notes of the JV\nCLO. The Company’s diverse funding sources, combined with a permanent\ncapital base, enable the Company to provide a broad range of financing\nsolutions.\n\nFORWARD LOOKING STATEMENTS\n\nStatements included herein contain certain “forward-looking statements”\nwithin the meaning of the federal securities laws, including statements with\nregard to the offering of the additional Notes and the anticipated use of the\nnet proceeds of the offering. Forward-looking statements can be identified by\nthe use of forward looking words such as “outlook,” “believes,”\n“expects,” “potential,” “continues,” “may,” “will,”\n“should,” “seeks,” “approximately,” “predicts,” “intends,”\n“plans,” “estimates,” “anticipates” or negative versions of those\nwords, other comparable words or other statements that do not relate to\nhistorical or factual matters. The forward-looking statements are based on the\nCompany’s beliefs, assumptions and expectations of future events and its\nfuture performance, taking into account all information currently available to\nthe Company. These statements are not guarantees of future events,\nperformance, condition or results and involve a number of risks and\nuncertainties. Actual results may differ materially from those in the\nforward-looking statements as a result of a number of factors, including, but\nnot limited to: an economic downturn or recession and its impact on the\nability of the Company’s portfolio companies to operate and the investment\nopportunities available to it; the uncertainty associated with the imposition\nof tariffs and trade barriers and changes in trade policy and its impact on\nthe Company’s portfolio companies and the global economy; interest rate\nvolatility, including the uncertainty relating to the interest rate\nenvironment; the impact of supply chain constraints; labor shortages; the\nelevated levels of inflation; and the impact of geopolitical conditions on the\nCompany’s portfolio companies and opportunities available to it, as well as\nthose described from time to time in our filings with the SEC. Any\nforward-looking statement speaks only as of the date on which it is made. The\nCompany undertakes no duty to update any forward-looking statements made\nherein, whether as a result of new information, future developments or\notherwise, except as required by law.\n\nContact: Henri Steenkamp\nSaratoga Investment Corp.\n212-906-7800","article_body_html":"","raw_payload":{"data":{"id":"nGNE1WyxFx-20260922","title":"Saratoga Investment Corp. Announces Offering of Additional 8.00% Notes due 2031","author":"Globe Newswire","ticker":"SAR","created":"2026-09-22T20:08:27.219Z","tickers":["SAR"],"exchange":"NYSE","article_body":"NEW YORK, NY, Sept. 22, 2026 (GLOBE NEWSWIRE) -- Saratoga Investment Corp.\n(the “Company”) (NYSE: SAR) announced the commencement of a registered\npublic offering of additional 8.00% Notes due 2031 (the “Notes”). The\nNotes are listed on the New York Stock Exchange under the trading symbol\n“SAX”.\n\nThe Notes will constitute a further issuance of, have the same terms (except\nthe issue date and the offering price) as, rank equally in right of payment\nwith, and be fungible and form a single series with the $85,000,000 and\n$12,750,000 in aggregate principal amount of the 8.00% Notes due 2031 that the\nCompany initially issued on August 26, 2026 and September 2, 2026 pursuant to\nthe underwriters fully exercising their over-allotment option, respectively.\n\nLucid Capital Markets, LLC and Oppenheimer & Co. Inc. are serving as joint\nbook-running managers for this offering. Investors are advised to consider\ncarefully the investment objective, risks and charges and expenses of the\nCompany before investing. The Company expects to use the net proceeds from\nthis offering to repay a portion of the outstanding indebtedness under the\nspecial purpose vehicle financing credit facility with Valley National Bank or\nto redeem the outstanding 8.00% Notes due 2027 depending on the extent and\namount of the net proceeds from this offering.\n\nThis press release does not constitute an offer to sell or the solicitation of\nan offer to buy, nor will there be any sale of, the Notes referred to in this\npress release in any state or jurisdiction in which such offer, solicitation\nor sale would be unlawful prior to the registration or qualification under the\nsecurities laws of such state or jurisdiction. A registration statement (File\nNo. 333-292765) relating to the Notes was filed and has been declared\neffective by the Securities and Exchange Commission.\n\nThis offering is being made solely by means of a written prospectus forming\npart of the effective registration statement and a related preliminary\nprospectus supplement, which may be obtained from of any of the following\ninvestment banks: Lucid Capital Markets, LLC, Attn: George Mangione, 570\nLexington Avenue, 40th Floor, New York, NY 10022 (telephone number (646)\n362-3098), or by e-mailing GMangione@lucidcm.com; or Oppenheimer & Co. Inc.,\nAttention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New\nYork, NY 10004, by telephone at (212) 667-8055, or by email at\nEquityProspectus@opco.com.\n\nThe preliminary prospectus supplement dated September 22, 2026, and the\naccompanying prospectus dated March 11, 2026, each of which has been filed\nwith the Securities and Exchange Commission, contains a description of these\nmatters and other important information about the Company and should be read\ncarefully before investing.\n\nAbout Saratoga Investment Corp.\n\nSaratoga Investment Corp. is a specialty finance company that provides\ncustomized financing solutions to U.S. middle-market businesses. The Company\ninvests primarily in senior and unitranche leveraged loans and mezzanine debt,\nand, to a lesser extent, equity to provide financing for change of ownership\ntransactions, strategic acquisitions, recapitalizations and growth initiatives\nin partnership with business owners, management teams and financial sponsors.\nThe Company’s objective is to create attractive risk-adjusted returns by\ngenerating current income and long-term capital appreciation from its debt and\nequity investments. The Company has elected to be regulated as a business\ndevelopment company under the Investment Company Act of 1940, as amended, and\nis externally managed by Saratoga Investment Advisors, LLC, an SEC-registered\ninvestment advisor focusing on credit-driven strategies. The Company owns two\nactive SBIC-licensed subsidiaries, having surrendered its first license after\nrepaying all debentures for that fund following the end of its investment\nperiod and subsequent wind-down. Furthermore, it manages a $360 million\ncollateralized loan obligation (“CLO”) fund that is in wind-down and\nco-manages a joint venture (“JV”) that owns a $400 million collateralized\nloan obligation (“JV CLO”) fund. It also owns 52% of the Class F notes and\n100% of the subordinated notes of the CLO, 87.5% of both the unsecured loans\nand membership interests of the JV and 87.5% of the Class E-R notes of the JV\nCLO. The Company’s diverse funding sources, combined with a permanent\ncapital base, enable the Company to provide a broad range of financing\nsolutions.\n\nFORWARD LOOKING STATEMENTS\n\nStatements included herein contain certain “forward-looking statements”\nwithin the meaning of the federal securities laws, including statements with\nregard to the offering of the additional Notes and the anticipated use of the\nnet proceeds of the offering. Forward-looking statements can be identified by\nthe use of forward looking words such as “outlook,” “believes,”\n“expects,” “potential,” “continues,” “may,” “will,”\n“should,” “seeks,” “approximately,” “predicts,” “intends,”\n“plans,” “estimates,” “anticipates” or negative versions of those\nwords, other comparable words or other statements that do not relate to\nhistorical or factual matters. The forward-looking statements are based on the\nCompany’s beliefs, assumptions and expectations of future events and its\nfuture performance, taking into account all information currently available to\nthe Company. These statements are not guarantees of future events,\nperformance, condition or results and involve a number of risks and\nuncertainties. Actual results may differ materially from those in the\nforward-looking statements as a result of a number of factors, including, but\nnot limited to: an economic downturn or recession and its impact on the\nability of the Company’s portfolio companies to operate and the investment\nopportunities available to it; the uncertainty associated with the imposition\nof tariffs and trade barriers and changes in trade policy and its impact on\nthe Company’s portfolio companies and the global economy; interest rate\nvolatility, including the uncertainty relating to the interest rate\nenvironment; the impact of supply chain constraints; labor shortages; the\nelevated levels of inflation; and the impact of geopolitical conditions on the\nCompany’s portfolio companies and opportunities available to it, as well as\nthose described from time to time in our filings with the SEC. Any\nforward-looking statement speaks only as of the date on which it is made. The\nCompany undertakes no duty to update any forward-looking statements made\nherein, whether as a result of new information, future developments or\notherwise, except as required by law.\n\nContact: Henri Steenkamp\nSaratoga Investment Corp.\n212-906-7800"},"type":"article","timestamp":"2026-09-22T20:08:27.316308592Z","server_sent_at_ms":1790107707316},"received_at":"2026-09-22T20:08:27.370Z","source_url":null},"analysis":{"id":"139007","press_release_id":"150206","analysis_json":{"industry":{"label":"Capital Markets","sector":"Financials"},"redFlags":[],"eventType":"debt_offering","narrative":"Saratoga Investment Corp. commenced a registered public offering of additional 8.00% Notes due 2031, a further issuance fungible with the $85 million and $12.75 million of notes issued in August and September 2026.\n\nThe notes trade on the NYSE under SAX; Lucid Capital Markets and Oppenheimer & Co. are joint book-runners.\n\nNet proceeds will repay part of the SPV financing credit facility with Valley National Bank or redeem the outstanding 8.00% Notes due 2027, depending on the amount raised.","sentiment":"neutral","agentHooks":{"shouldPost":false,"suggestedAngle":"Routine BDC bond reopening at 8.00% to refinance credit-facility debt or redeem 2027 notes."},"keyFigures":{"coupon":"8.00%","customDimensions":{"notes_due":2031,"existing_principal":["$85,000,000 issued August 26, 2026","$12,750,000 issued September 2, 2026"],"existing_notes_ticker":"SAX"}},"namedEntities":{"people":[{"name":"Henri Steenkamp","role":"contact, Saratoga Investment Corp."}],"products":["8.00% Notes due 2031 (NYSE: SAX)","8.00% Notes due 2027","$360 million CLO fund","$400 million JV CLO fund"],"companies":[{"name":"Saratoga Investment Corp.","ticker":"SAR","relationship":"issuer/filer"},{"name":"Lucid Capital Markets, LLC","relationship":"joint book-running manager"},{"name":"Oppenheimer & Co. 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Routine liability-management financing, not materially dilutive or market-moving."},"tickerRelevance":{"others":[{"ticker":"SAX","relevance":"listed trading symbol of the notes being offered"}],"primary":"SAR"},"globalImportance":20,"audienceRelevance":15,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"small-cap BDC","eventGravity":"routine debt offering / note reopening","issuerAuthored":true}},"event_type":"debt_offering","event_type_secondary":null,"sentiment":"neutral","material_impact_score":2,"narrative":"Saratoga Investment Corp. commenced a registered public offering of additional 8.00% Notes due 2031, a further issuance fungible with the $85 million and $12.75 million of notes issued in August and September 2026.\n\nThe notes trade on the NYSE under SAX; Lucid Capital Markets and Oppenheimer & Co. are joint book-runners.\n\nNet proceeds will repay part of the SPV financing credit facility with Valley National Bank or redeem the outstanding 8.00% Notes due 2027, depending on the amount raised.","key_figures":{"coupon":"8.00%","customDimensions":{"notes_due":2031,"existing_principal":["$85,000,000 issued August 26, 2026","$12,750,000 issued September 2, 2026"],"existing_notes_ticker":"SAX"}},"named_entities":{"people":[{"name":"Henri Steenkamp","role":"contact, Saratoga Investment Corp."}],"products":["8.00% Notes due 2031 (NYSE: SAX)","8.00% Notes due 2027","$360 million CLO fund","$400 million JV CLO fund"],"companies":[{"name":"Saratoga Investment Corp.","ticker":"SAR","relationship":"issuer/filer"},{"name":"Lucid Capital Markets, LLC","relationship":"joint book-running manager"},{"name":"Oppenheimer & Co. Inc.","relationship":"joint book-running manager"},{"name":"Valley National Bank","relationship":"credit facility lender"}],"dollarAmounts":[{"amount":"$85,000,000","context":"initial principal of 8.00% Notes due 2031 issued August 26, 2026"},{"amount":"$12,750,000","context":"additional principal issued September 2, 2026 via over-allotment"},{"amount":"$360 million","context":"CLO fund managed by the Company"},{"amount":"$400 million","context":"JV CLO fund co-managed by the Company"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-22T20:08:33.045Z","global_importance":20,"audience_relevance":15,"importance_components":{"tickerTier":"small-cap BDC","eventGravity":"routine debt offering / note reopening","issuerAuthored":true}},"durationMs":5738,"modelName":"glm-5.3-flashx"}}