secwatch.observer — SEC 8-K summary
======================================

Issuer:     SARATOGA INVESTMENT CORP. (SAR)
CIK:        0001377936
Form:       8-K
Filed at:   2025-11-07T23:59:59+00:00
Accession:  0001213900-25-107282
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 1.02, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Saratoga Investment enters $85M Valley National credit facility, terminates prior Encina facility
--------------------------------------------------------------------------------

- New $85M revolving credit facility with Valley National Bank; can be increased to $100M in first two years.
- Facility matures Nov 6, 2028; interest at Term SOFR + 2.85% (SOFR floor 1.00%); unused fee 0.50%-0.75%.
- Advance rates on eligible loans range from 25% to 75% based on loan type; collateral includes SIF II assets and equity pledge.
- Terminated prior Encina credit facility and equity pledge agreement upon satisfaction of all obligations.
- SIF II must maintain minimum drawn amount of $25M or 38% of facility amount; financial covenants include interest coverage and overcollateralization tests.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1377936/000121390025107282/0001213900-25-107282-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1377936/000121390025107282/ea0264440-8k_saratoga.htm
  HTML page:      https://secwatch.observer/filing/0001213900-25-107282

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer