Saratoga Investment Corp. Prices Public Offering of $40.0

NEW YORK, NY , Oct. 19, 2022 (GLOBE NEWSWIRE) — Saratoga Investment Corp. (the “Company”) (NYSE: SAR) today announced that it has priced an underwritten public offering of $40.0 million in aggregate principal amount of 8.00% unsecured notes due 2027 (the “Notes”).

The Notes will mature on October 31, 2027, and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after October 27, 2024. The Notes will bear interest at a rate of 8.00% per year payable quarterly on February 28, May 31, August 31 and November 30 of each year, beginning February 28, 2023.

The offering is expected to close on October 27, 2022, subject to customary closing conditions. The Company has granted the underwriters an option to purchase up to an additional $6.0 million in aggregate principal amount of Notes. 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 “SAJ”.

The Company has received an investment grade private 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).

Ladenburg Thalmann & Co. Inc. and Oppenheimer & Co. Inc. are serving as joint book-running managers for this offering. Compass Point, InspereX LLC, Janney Montgomery Scott LLC and William Blair & Company, L.L.C. are serving as lead managers for this offering. Hovde Group, LLC and Maxim Group LLC are serving as co-managers for this offering. The Company intends to use the net proceeds from this offering to make investments in middle-market companies in accordance with the Company’s investment objective and strategies…