Saratoga Investment Corp. Announces Offering of Notes and BBB Investment Grade Rating from Egan-Jones Ratings Company

Saratoga Investment Corp. (NYSE: SAR) has commenced a registered public offering of unsecured notes (the “Notes”) and received a BBB investment grade rating from Egan-Jones Ratings Company, an NRSRO recognized by the NAIC and certified by ESMA.

Rhea-AI Summary

Saratoga Investment Corp. (NYSE: SAR) has commenced a registered public offering of unsecured notes (the “Notes”) and received a BBB investment grade rating from Egan-Jones Ratings Company, an NRSRO recognized by the NAIC and certified by ESMA.

The Notes are expected to list on the NYSE under the symbol “SAX” and begin trading within 30 days of the original issue date. According to Saratoga Investment, net proceeds are expected to be used to redeem its outstanding 6.00% and 8.00% Notes due 2027 and/or repay indebtedness under a Valley National Bank credit facility.

Positive

• BBB investment grade rating from Egan-Jones Ratings Company
• Planned NYSE listing of new notes under symbol “SAX” within 30 days
• Use of proceeds to redeem 6.00% and 8.00% Notes due 2027
• Use of proceeds may repay indebtedness under Valley National Bank credit facility

Negative

• None.

News Explained

No note sale or proceeds are disclosed yet, so Saratoga’s refinancing remains in process rather than completed and its scale is unknown.

Saratoga Investment Corp. has commenced a registered offering of unsecured notes, but the release does not report that the notes have been sold, proceeds received, or the company’s existing 2027 notes or Valley National Bank debt repaid.

The disclosure does not state an offering amount, price, interest rate, maturity, or fees, so the cash raised, borrowing cost, and extent of any debt replacement remain undetermined.

Saratoga identifies the August 18, 2026 preliminary prospectus supplement and effective registration statement as documents containing further offering information; those prospectus materials would resolve the open financing details.

Argus Aug 18 session

-0.11% close to close Open Argus

Details

News Market Reaction – SAR

On Aug 18, the day this news came out, SAR closed 0.11% below the previous close.

Data tracked by StockTitan Argus for the Aug 18 session.

Key Figures

Credit Rating: BBB Expected Listing Timeline: within 30 days Outstanding Note Rate: 6.00% +4 more

Credit Rating

BBB

Egan-Jones investment grade rating

Expected Listing Timeline

within 30 days

After the original issue date under symbol SAX

Outstanding Note Rate

6.00%

Notes due 2027 targeted for redemption

Outstanding Note Rate

8.00%

Notes due 2027 targeted for redemption

Registration Statement

File No. 333-292765

Declared effective by the SEC

Preliminary Prospectus Date

August 18, 2026

Preliminary prospectus supplement

Prospectus Date

March 11, 2026

Accompanying prospectus

Previous Offering Reports

2 past events · Latest: Jan 30

Same Type 2 events

1. Jan 30

   Notes pricing

   24h Move

   -0.3%

   Priced $100 million of 7.50% unsecured notes due 2031

2. Jan 29

   Notes offering

   24h Move

   +1.5%

   Announced unsecured notes offering with BBB+ investment grade rating

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

registered public offering, unsecured notes, nrsro, effective registration statement

4 terms

registered public offering financial

"announced the commencement of a registered public offering of unsecured notes"

A registered public offering is when a company files required documents with regulators to sell new shares or bonds to the general public, providing standardized financial and business information for transparency. For investors, it matters because it creates an opportunity to buy newly issued securities while often increasing market liquidity, but it can also dilute existing ownership and affect share price as supply and company funding needs change—think of a bakery baking extra loaves that can satisfy more customers but slightly reduces each owner's slice of the original batch.

unsecured notes financial

"a registered public offering of unsecured notes"

Unsecured notes are loans a company issues to investors that are backed only by the issuer’s promise to pay, not by specific assets like buildings or equipment. Like an IOU without collateral, they usually pay interest but rank below secured creditors if the company fails, so they carry higher risk and often offer higher yields; investors watch them for credit strength, interest payments and recovery prospects in a default.

nrsro regulatory

"Egan-Jones is a Nationally Recognized Statistical Rating Organization (NRSRO)"

A NRSRO is a firm officially recognized by regulators to publish credit ratings that judge how likely borrowers—like companies or governments—are to repay debt. Think of it as an accredited report card that summarizes credit risk; investors and banks use those ratings to compare safety, set interest rates, and meet regulatory or lending rules, so an upgrade or downgrade can change borrowing costs and investment decisions quickly.

effective registration statement regulatory

"filed and has been declared effective by the Securities and Exchange Commission"

An effective registration statement is a company filing that a securities regulator has approved as meeting disclosure rules, giving the company the legal green light to sell new shares or debt to the public. For investors it matters because the approval signals needed information has been made public and allows offerings that can change a company's cash position, share count and stock liquidity—think of it as a permit that lets a fundraising or public sale go forward.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, NY, Aug. 18, 2026 (GLOBE NEWSWIRE) -- Saratoga Investment Corp. (the “Company”) (NYSE: SAR) announced the commencement of a registered public offering of unsecured notes (the “Notes”). The Company also announced that it has received an investment grade rating of “BBB” from Egan-Jones Ratings Company, an independent, unaffiliated rating agency.

Egan-Jones is a Nationally Recognized Statistical Rating Organization (NRSRO) and is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP). Egan-Jones is also certified by the European Securities and Markets Authority (ESMA).

The Notes are expected to be listed on the New York Stock Exchange and to trade thereon within 30 days of the original issue date under the trading symbol “SAX”.

Lucid Capital Markets, LLC and Oppenheimer & Co. Inc. are serving as joint book-running managers for this offering. B. Riley Securities, Inc., Clear Street LLC, Compass Point Research & Trading, LLC, Ladenburg Thalmann & Co. Inc., and Maxim Group, LLC are serving as lead managers for this offering. InspereX LLC and William Blair & Company, L.L.C. are serving as co-managers for this offering. Investors are advised to consider carefully the investment objective, risks and charges and expenses of the Company before investing. The Company expects to use the net proceeds from this offering to redeem the Company’s outstanding 6.00% Notes due 2027, redeem the Company’s outstanding 8.00% Notes due 2027, and/or repay a portion of the outstanding indebtedness under the special purpose vehicle financing credit facility with Valley National Bank.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of, the Notes referred to in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction. A registration statement (File No. 333-292765) relating to the Notes was filed and has been declared effective by the Securities and Exchange Commission.

This offering is being made solely by means of a written prospectus forming part of the effective registration statement and a related preliminary prospectus supplement, which may be obtained from of any of the following investment banks: Lucid Capital Markets, LLC, Attn: George Mangione, 570 Lexington Avenue, 40th Floor, New York, NY 10022 (telephone number (646) 362-3098), or by e-mailing GMangione@lucidcm.com; or Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY 10004, by telephone at (212) 667-8055, or by email at EquityProspectus@opco.com.

The preliminary prospectus supplement dated August 18, 2026, and the accompanying prospectus dated March 11, 2026, each of which has been filed with the Securities and Exchange Commission, contains a description of these matters and other important information about the Company and should be read carefully before investing.

About Saratoga Investment Corp.

Saratoga Investment Corp. is a specialty finance company that provides customized financing solutions to U.S. middle-market businesses. The Company invests primarily in senior and unitranche leveraged loans and mezzanine debt, and, to a lesser extent, equity to provide financing for change of ownership transactions, strategic acquisitions, recapitalizations and growth initiatives in partnership with business owners, management teams and financial sponsors. The Company’s objective is to create attractive risk-adjusted returns by generating current income and long-term capital appreciation from its debt and equity investments. The Company has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended, and is externally managed by Saratoga Investment Advisors, LLC, an SEC-registered investment advisor focusing on credit-driven strategies. The Company owns two active SBIC-licensed subsidiaries, having surrendered its first license after repaying all debentures for that fund following the end of its investment period and subsequent wind-down. Furthermore, it manages a $360 million collateralized loan obligation (“CLO”) fund that is in wind-down and co-manages a joint venture (“JV”) that owns a $400 million collateralized loan obligation (“JV CLO”) fund. It also owns 52% of the Class F notes and 100% of the subordinated notes of the CLO, 87.5% of both the unsecured loans and membership interests of the JV and 87.5% of the Class E-R notes of the JV CLO. The Company’s diverse funding sources, combined with a permanent capital base, enable the Company to provide a broad range of financing solutions.

FORWARD LOOKING STATEMENTS

Statements included herein contain certain “forward-looking statements” within the meaning of the federal securities laws, including statements with regard to the Company’s Notes offering and the anticipated use of the net proceeds of the offering. Forward-looking statements can be identified by the use of forward looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or negative versions of those words, other comparable words or other statements that do not relate to historical or factual matters. The forward-looking statements are based on our beliefs, assumptions and expectations of future events and our future performance, taking into account all information currently available to us. These statements are not guarantees of future events, performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including, but not limited to: an economic downturn or recession and its impact on the ability of our portfolio companies to operate and the investment opportunities available to us; the uncertainty associated with the imposition of tariffs and trade barriers and changes in trade policy and its impact on our portfolio companies and the global economy; interest rate volatility, including the uncertainty relating to the interest rate environment; the impact of supply chain constraints; labor shortages; the elevated levels of inflation; and the impact of geopolitical conditions on our portfolio companies and opportunities available to us, as well as those described from time to time in our filings with the SEC. Any forward-looking statement speaks only as of the date on which it is made. The Company undertakes no duty to update any forward-looking statements made herein, whether as a result of new information, future developments or otherwise, except as required by law.

Contact:

Henri Steenkamp
Saratoga Investment Corp.
212-906-7800

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Saratoga Investment Corp. (NYSE: SAR) announce on August 18, 2026 about its notes offering?

Saratoga Investment announced a registered public offering of unsecured notes and a BBB investment grade rating. According to Saratoga Investment, the offering is registered with the SEC and will be made solely via a written prospectus and related preliminary prospectus supplement.

What credit rating did Egan-Jones assign to Saratoga Investment Corp. (SAR) on its new notes?

Egan-Jones assigned a BBB investment grade rating to Saratoga Investment’s unsecured notes. According to Saratoga Investment, Egan-Jones is an NRSRO, NAIC-recognized Credit Rating Provider and is certified by the European Securities and Markets Authority (ESMA).

On which exchange and under what symbol will Saratoga Investment’s new notes trade?

The new notes are expected to list on the NYSE under the symbol “SAX.” According to Saratoga Investment, trading on the New York Stock Exchange is expected to begin within 30 days of the original issue date of the notes.

How will Saratoga Investment Corp. (SAR) use the net proceeds from the SAX notes offering?

Net proceeds are expected to redeem 6.00% and 8.00% Notes due 2027 and/or repay a Valley National Bank facility. According to Saratoga Investment, proceeds may redeem both series and/or reduce indebtedness under a special purpose vehicle financing credit facility.

How can investors obtain the prospectus for Saratoga Investment Corp.’s (SAR) SAX notes offering?

Investors can request the written prospectus and preliminary prospectus supplement from Lucid Capital Markets or Oppenheimer. According to Saratoga Investment, contact details include postal addresses, telephone numbers, and dedicated email addresses for Lucid’s and Oppenheimer’s syndicate or prospectus departments.