Saratoga Investment Corp. Announces Offering of Notes and BBB Investment Grade Rating from Egan-Jones Ratings Company
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
Saratoga has commenced debt refinancing, but no size or final terms are disclosed, leaving funding scale and direct ownership impact unestablished.
Saratoga Investment Corp. has commenced an offering of unsecured notes; the release places it at commencement rather than pricing or closing, with proceeds expected to refinance specified debt and repay part of a bank facility.
The disclosed instrument is unsecured notes, not common shares, so the release does not disclose a direct share-count or percentage-ownership change for existing common holders; the supplied dilution definition ties reduced ownership percentage to issuing additional shares.
The complete release gives no offering amount, price, fees, or conversion mechanics; consequently, the new funding amount and any potential ownership-changing feature cannot be established from it.
As of
The final prospectus supplement is the document to check for the offering's size, price, and fees, while the release identifies only a preliminary supplement dated
Sources and calculations
- Saratoga Investment Corp. notes offering release (2026-08-18)
- Dilution definition (2026-07-17)
- Prospectus supplement purpose (2026-07-17)
- Saratoga Investment Corp. first-quarter 2027 fundamentals (2027Q1)
- Cash and equivalents vs quarterly operating cash outflow, in days of cash use $46,140,915 / ($25,965,895 / 90) = [object Object]
Key Figures
Previous Offering Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jan 30 | Notes pricing | Positive | -0.3% | Priced $100 million of 7.50% unsecured notes due 2031 |
| Jan 29 | Notes offering | Positive | +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.
Offering-tagged history was mixed: one positive offering event aligned with a gain, while another diverged despite a small decline.
Key Terms
registered public offering financial
unsecured notes financial
nrsro regulatory
effective registration statement regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
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
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
