Saratoga Investment to offer $25-par fixed-rate notes due 2028

By William Gullotti

Buffalo, N.Y., April 11 – Saratoga Investment Corp. is planning an offering of $25-par fixed-rate notes due 2028 (Egan-Jones: BBB+), according to a 424B2 filing and a 497AD filing with the Securities and Exchange Commission.

The notes will feature a par call on or after a certain date.

There will be a 30-day greenshoe for additional notes.

Ladenburg Thalmann & Co. Inc., B. Riley Securities and Oppenheimer & Co. Inc. are the joint bookrunning managers, with Compass Point, InspereX LLC, Janney Montgomery Scott and William Blair acting as lead managers for the offering.

Hovde Group, LLC and Maxim Group LLC are the co-managers.

U.S. Bank Trust Co., NA is the trustee.

Eversheds Sutherland (US) LLP will act as counsel for Saratoga, and Blank Rome LLP will serve as counsel to the underwriters.

Proceeds will be used to repay outstanding debt under the Encina credit facility, to make investments in middle-market companies (including those made through SBIC III LP) and for general corporate purposes. Pending such use, proceeds will be used to invest in short-term debt securities.

As of April 10, the Jan. 27, 2026-maturing Encina credit facility had an outstanding balance of $65 million.

The notes will trade on the New York Stock Exchange under the symbol “SAZ.”

The specialty finance company is based in New York.

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