---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-22-066744"
form_type: "8-K"
ticker: "SAR"
cik: "0001377936"
company_name: "SARATOGA INVESTMENT CORP."
filed_at: "2022-10-27T23:59:59+00:00"
generated_at: "2026-06-22T23:52:07.749302+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Saratoga Investment Corp. issues $40M 8.00% notes due 2027; net proceeds ~$38.45M

## Summary
- Principal amount of $40M, interest at 8.00% per year, maturity October 31, 2027.
- Net proceeds of approximately $38.45M, after underwriting discounts and offering expenses.
- Proceeds to be used for middle-market investments and general corporate purposes.
- Notes are unsecured, rank pari passu with existing unsubordinated debt, and callable at par after Oct 27, 2024.
- Covenants include asset coverage tests under the 1940 Act and restrictions on dividends/purchases when coverage is insufficient.

## SEC filing metadata
- accession: 0001213900-22-066744
- form_type: 8-K
- ticker: SAR
- cik: 0001377936
- company_name: SARATOGA INVESTMENT CORP.
- filed_at: 2022-10-27T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 2.03, 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1377936/000121390022066744/0001213900-22-066744-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1377936/000121390022066744/ea167631-8k_saratoga.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-22-066744
- JSON: https://secwatch.observer/filing/0001213900-22-066744.json
- Plain text: https://secwatch.observer/filing/0001213900-22-066744.txt

## Key facts
- Debt Financings
  SARATOGA INVESTMENT CORP. incurred senior notes of $40,000,000 aggregate principal amount with U.S. Bank Trust Company, National Association at 8.00% per year maturing October 31, 2027.
  - Instrument: senior notes
  - Principal: $40,000,000 aggregate principal amount
  - Counterparty: U.S. Bank Trust Company, National Association
  - Rate: 8.00% per year
  - Maturity: October 31, 2027
  - Event: incurrence
  source text: (the “Base Indenture”; and together with the Twelfth Supplemental Indenture, the “Indenture”). The Twelfth Supplemental Indenture relates to the Company’s issuance and sale of $40,000,000 aggregate principal amount of the Company’s 8.00% Notes due 2027 (the “Notes” and the issuance and sale of the Notes, the “Offering”). The Notes bear interest at a rate of 8.00%
  evidence_url: https://www.sec.gov/Archives/edgar/data/1377936/000121390022066744/0001213900-22-066744-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.