---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-23-006966"
form_type: "8-K"
ticker: "SAR"
cik: "0001377936"
company_name: "SARATOGA INVESTMENT CORP."
filed_at: "2023-02-02T23:59:59+00:00"
generated_at: "2026-06-20T02:05:02.033304+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Saratoga Investment amends credit facility: borrowing base raised to $65M, maturity extended to Jan 2026

## Summary
- Facility increased from $50M to $65M; maximum potential facility increase raised from $75M to $150M.
- Interest benchmark switched from LIBOR to Term SOFR + 0.10% credit spread adjustment; margin increased from 4.00% to 4.25%.
- Revolving period extended to January 27, 2026; facility increase request window extended to January 27, 2025.
- Valley National Bank added as a new lender under the credit agreement.
- Conditions for eligible collateral loans revised to exclude certain industries.

## SEC filing metadata
- accession: 0001213900-23-006966
- form_type: 8-K
- ticker: SAR
- cik: 0001377936
- company_name: SARATOGA INVESTMENT CORP.
- filed_at: 2023-02-02T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1377936/000121390023006966/0001213900-23-006966-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1377936/000121390023006966/ea172529-8k_saratoga.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-23-006966
- JSON: https://secwatch.observer/filing/0001213900-23-006966.json
- Plain text: https://secwatch.observer/filing/0001213900-23-006966.txt

## Key facts
- Debt Financings
  SARATOGA INVESTMENT CORP. amended revolving credit of up to $65.0 million with Encina Lender Finance, LLC at Term SOFR for a one-month tenor plus a 0.10% credit spread adjustment maturing January 27, 2026.
  - Instrument: revolving credit
  - Principal: up to $65.0 million
  - Counterparty: Encina Lender Finance, LLC
  - Rate: Term SOFR for a one-month tenor plus a 0.10% credit spread adjustment
  - Maturity: January 27, 2026
  - Event: amendment
  source text: The Amendment, among other things: (i) increased the borrowings available under the Encina Credit Facility from up to $50.0 million to up to $65.0 million; (ii) changed the underlying benchmark used to compute interest under the Credit Agreement from LIBOR to Term SOFR for a one-month tenor plus a 0.10% credit spread adjustment; (iii) increased the applicable effective margin rate on borrowings from 4.00% to 4.25%; (iv) extended the revolving period from October 4, 2024 to January 27, 2026;
  evidence_url: https://www.sec.gov/Archives/edgar/data/1377936/000121390023006966/0001213900-23-006966-index.htm
- Material Agreements
  SARATOGA INVESTMENT CORP. amended First Amendment to the Credit and Security Agreement with Encina Lender Finance, LLC valued at up to $65.0 million (effective 2023-01-27).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Encina Lender Finance, LLC
  - Value: up to $65.0 million
  - Effective: 2023-01-27
  source text: On January 27, 2023, Saratoga Investment Corp. (the “Company”) entered into the First Amendment (the “Amendment”) to the Credit and Security Agreement, dated as of October 4, 2021 (the “Credit Agreement”), by and among Saratoga Investment Fund II LLC, a wholly owned subsidiary of the Company, as borrower (the “Borrower”), the Company, as equityholder and as collateral manager, the lenders party thereto, and Encina Lender Finance, LLC, as administrative agent and as collateral agent, and agreed to and acknowledged by U.S. Bank National Association, as custodian, and U.S. Bank Trust Company, National Association (successor in interest to U.S. Bank National Association), as collateral administrator, relating to the Borrower’s senior secured revolving credit facility (the “Encina Credit Facility”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1377936/000121390023006966/0001213900-23-006966-index.htm

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