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Get filing alertsSaratoga Investment issues $85M 8.00% Notes due 2031, will redeem $105.5M 6.00% 2027 Notes
Filed August 19, 2026 · Period ending August 18, 2026 · ~1 min read
Key Changes
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Issued $85M of 8.00% Notes due 2031 via underwritten offering, with up to $12.75M greenshoe option that could bring total to $97.75M. Notes will list on NYSE under ticker SAX within 30 days.
Item 1.01 verify on EDGAR → -
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Will redeem all $105.5M of 6.00% Notes due 2027 on September 18, 2026 at par plus $316,500 accrued interest ($0.075 per $25 note). Redemption funded by new offering proceeds and available cash.
Item 8.01 verify on EDGAR → -
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The new issuance creates a direct financial obligation for the company.
Item 2.03 verify on EDGAR →
Summary
Saratoga Investment Corp. is refinancing its debt structure, replacing $105.5 million of 6.00% Notes due 2027 with $85 million of new 8.00% Notes due 2031. The company entered into an underwriting agreement on August 18, 2026 for the new notes, which carry a higher coupon but extend the maturity by four years.
The underwriters have a 30-day option to purchase an additional up to $12.75 million, potentially bringing the total offering to $97.75 million. The new notes will trade on the NYSE under ticker SAX. The company will use proceeds from the new offering plus available cash to redeem the entire $105.5 million principal amount of its 6.00% Notes due 2027 on September 18, 2026.
Holders of the 2027 notes will receive par value plus accrued interest totaling $316,500. This refinancing increases the company's borrowing cost by 200 basis points but pushes out the maturity date and may provide additional capital if the greenshoe is exercised. The transaction represents a straightforward debt refinancing for this business development company.
Section-by-Section Diff
Event · Item 2.03 — Creation of a Direct Financial Obligation
Item 2.03 also reports this as a direct financial obligation (body incorporates the primary Item by reference).
Added in current filing · verify on EDGAR →
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information required by Item 2.03 contained in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
The 8-K includes a labeled Item 2.03 section. Its body incorporates the primary Item (typically 1.01) by reference rather than restating terms — do not treat that thinness as 'Item 2.03 absent.' The company is signaling creation of a direct financial obligation alongside the agreement disclosure; keep Item 2.03 visible in the report.
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
The Company intends to list the Notes on the New York Stock Exchange within 30 days of the original issue date under the trading symbol “SAX.”
The Notes will be listed on the New York Stock Exchange under the ticker symbol SAX within 30 days of the original issue date. This provides liquidity for noteholders in the secondary market.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
On the Redemption Date, the Redemption Payment will become due and payable to the holders of the Notes (the “Holders”). Interest on the $105,500,000 in aggregate principal amount of the issued and outstanding Notes being redeemed will cease to accrue on and after the Redemption Date. Unless the Company defaults in paying the Redemption Payment with respect to the Notes, the only remaining right of the Holders with respect to the Notes will be to receive payment of the Redemption Payment upon presentation and surrender of such Notes to the Trustee in its capacity as Paying Agent.
The redemption payment becomes due September 18, 2026, after which interest stops accruing. Noteholders must surrender their notes to U.S. Bank Trust Company to receive payment. The notice also warns that backup withholding at 24% may apply to holders who fail to provide proper tax documentation (Form W-9 or W-8).
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 20, 2026 · How we verify