The refinancing extends debt maturities but at a higher coupon, increasing annual interest expense by roughly $1.7M. Monitor upcoming quarterly filings for the impact on net investment income and asset coverage ratios. The 6.00% Notes due 2027 (SAT) will be redeemed — holders should expect par redemption.
Price Chart
Executive Summary
Saratoga Investment Corp. issued $85.0 million in 8.00% Notes due 2031, netting approximately $82.0 million after underwriting discount and expenses. Proceeds will be used to redeem the company's outstanding 6.00% Notes due 2027, effectively refinancing near-term debt with longer-dated, higher-coupon debt. This extends the maturity profile but increases annual interest expense, a credit-neutral to slightly negative event for the common equity given the higher coupon.
Key Financial Metrics
Key Facts
- Issued $85.0 million in 8.00% Notes due 2031, maturing August 31, 2031.
- Net proceeds of approximately $82.0 million after $2.66 million underwriting discount and ~$300k expenses.
- Proceeds will be used to redeem the outstanding 6.00% Notes due 2027 in full.
- Interest rate on new notes is 8.00%, up from 6.00% on the notes being refinanced.
- Notes are unsecured, rank pari passu with existing unsecured debt, and are callable at par on or after August 26, 2028.
Financial Impact
$85.0M principal issued; net proceeds ~$82.0M used to refinance lower-coupon 6.00% notes due 2027, increasing annual interest cost by ~$1.7M per year.
Risk Factors
- Higher interest expense from 8.00% coupon vs. 6.00% reduces net investment income.
- If the 6.00% notes are called at par, holders of SAT lose a lower-yielding security.
- No earnings or asset coverage data in this filing to assess leverage impact.
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (SAR) — Batch item 1 | 0001213900-26-093812 |
| Document: 0001213900-26-093812-index.html | 0001213900-26-093812 |
| Document: 0001213900-26-093812.txt | 0001213900-26-093812 |
| 8-K Filing (SAR) — Batch item 4 | 0001213900-26-093812 |
| Document: 0001213900-26-093812-index.html | 0001213900-26-093812 |
| Document: 0001213900-26-093812.txt | 0001213900-26-093812 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 13d ago | Insider Buy | $15.07 $14.92 | ▼ −1.00% | ▲ +0.09% | $13.29 (−11.81%) |
Oct 9, 2026 16d ago | 8-K | $14.93 $15.07 | ▲ +0.94% | ▲ +0.95% | $13.29 (−10.98%) |
Oct 6, 2026 19d ago | 8-K | $14.91 $14.97 | ▼ −0.40% | ▼ −0.83% | $13.29 (+10.87%) |
Sep 23, 2026 4w ago | Press Release | $17.33 $17.11 | ▲ +1.27% | ▲ +1.81% | $13.29 (+23.31%) |
Sep 22, 2026 4w ago | Press Release | $17.46 $17.33 | ▼ −0.74% | ▼ −0.66% | $13.29 (−23.88%) |
Sep 18, 2026 5w ago | Press Release | $17.57 $17.75 | ▲ +1.02% | ▲ +1.04% | $13.29 (−24.36%) |
Sep 18, 2026 5w ago | 25-NSE | $17.64 $17.57 | ▼ −0.40% | ▼ −1.95% | $13.29 (−24.66%) |
Sep 17, 2026 5w ago | Press Release | $17.86 | awaiting T+1 | — | $13.29 (−25.59%) |
Aug 26, 2026 8w ago | 8-K | $18.42 $18.33 | ▼ −0.49% | ▼ −1.14% | $13.29 (−27.85%) |
Aug 19, 2026 9w ago | 8-K | $18.72 $18.43 | ▼ −1.55% | ▼ −1.96% | $13.29 (−29.01%) |
US Market Status
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