NEW YORK, NY, Aug.  18, 2026  (GLOBE NEWSWIRE) --  Saratoga Investment Corp. (the &#34;Company&#34;) (NYSE:SAR) announced the commencement of a registered public offering of unsecured notes (the &#34;Notes&#34;). The

Saratoga Investment Corp. Announces Offering of Notes and BBB Investment Grade Rating from Egan-Jones Ratings Company

Saratoga Launches Unsecured Notes Offering with BBB Rating Support

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>NEW YORK, NY, Aug.  18, 2026  (GLOBE NEWSWIRE) --  Saratoga Investment Corp. (the &amp;#34;Company&amp;#34;) (NYSE:SAR) announced the commencement of a registered public offering of unsecured notes (the &amp;#34;Notes&amp;#34;). The</p>
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  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>Saratoga Investment Corp. announced a registered public offering of unsecured notes and received a BBB rating from Egan-Jones. The notes are expected to trade on the NYSE as SAX within 30 days. Proceeds are earmarked to redeem higher-cost 2027 notes and potentially repay SPV debt, which could improve leverage and cost of capital.</p>
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  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>Saratoga Investment launches registered public offering of unsecured notes; SAX ticker expected.</li><li>BBB rating from Egan-Jones enhances credit credibility; ESMA/NAIC CRP noted.</li><li>Proceeds to redeem 6.00% and 8.00% notes due 2027; may repay SPV facility with Valley National Bank.</li><li>Notes expected to trade on NYSE under SAX within 30 days of issue.</li></ul>
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  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Saratoga Investment Corp. (SAR)</strong>: Initiating unsecured notes offering; potential improvement in capital structure and liquidity.</li><li><strong>Egan-Jones Ratings Company (N/A)</strong>: Awarded BBB rating; could enhance borrowing access and investor confidence.</li><li><strong>SAX (SAX)</strong>: Notes to trade on NYSE within ~30 days; expands tradable debt liquidity.</li><li><strong>Valley National Bank (N/A)</strong>: SPV financing facility may be refinanced or repaid with offering proceeds.</li></ul>
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  <section data-block="category">
    <h3>Corporate Developments</h3>
    <p>Category: Corporate Developments. This is a financing event affecting SAR&#039;s capital structure and liquidity, with potential positive implications for leverage and funding costs if the notes issuance and redemption plan succeed.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>SAX trading on NYSE within 30 days could boost liquidity and price discovery.</li><li>BBB rating may lower refinancing costs and broaden investor access.</li><li>Redeeming 6% and 8% 2027 notes could reduce interest expense if new terms are favorable.</li><li>Offer size and terms are not disclosed; execution risk remains.</li></ul>
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  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Saratoga Investment Corp. announces registered public offering of unsecured notes.</li><li>Rating: BBB from Egan-Jones Ratings Company; ESMA certified; NAIC CRP noted.</li><li>Notes expected to trade on NYSE under ticker SAX within 30 days of issue.</li><li>Proceeds to redeem 6.00% notes due 2027 and 8.00% notes due 2027; may repay SPV facility with Valley National Bank.</li><li>Registration Statement: File No. 333-292765; statement declared effective by the SEC.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Bullish for SAR over 1–3 months as debt refi improves leverage and liquidity.</p>
  </section>
</section>


<link type="text/css" rel="stylesheet" href="https://www.globenewswire.com/styles/gnw_nitf.css"></link><p align="justify">NEW YORK, NY, Aug.  18, 2026  (GLOBE NEWSWIRE) --  Saratoga Investment Corp. (the "Company") (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SAR">SAR</a>) announced the commencement of a registered public offering of unsecured notes (the "Notes"). The Company also announced that it has received an investment grade rating of "BBB" from Egan-Jones Ratings Company, an independent, unaffiliated rating agency.</p>  <p align="justify">Egan-Jones is a Nationally Recognized Statistical Rating Organization (NRSRO) and is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP). Egan-Jones is also certified by the European Securities and Markets Authority (ESMA).</p>  <p align="justify">The Notes are expected to be listed on the New York Stock Exchange and to trade thereon within 30 days of the original issue date under the trading symbol "SAX".</p>  <p align="justify">Lucid Capital Markets, LLC and Oppenheimer &amp; Co. Inc. are serving as joint book-running managers for this offering. B. Riley Securities, Inc., Clear Street LLC, Compass Point Research &amp; Trading, LLC, Ladenburg Thalmann &amp; Co. Inc., and Maxim Group, LLC are serving as lead managers for this offering. InspereX LLC and William Blair &amp; Company, L.L.C. are serving as co-managers for this offering. Investors are advised to consider carefully the investment objective, risks and charges and expenses of the Company before investing. The Company expects to use the net proceeds from this offering to redeem the Company’s outstanding 6.00% Notes due 2027, redeem the Company’s outstanding 8.00% Notes due 2027, and/or repay a portion of the outstanding indebtedness under the special purpose vehicle financing credit facility with Valley National Bank.</p>  <p align="justify">This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of, the Notes referred to in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction. A registration statement (File No. 333-292765) relating to the Notes was filed and has been declared effective by the Securities and Exchange Commission.</p>  <p align="justify">This offering is being made solely by means of a written prospectus forming part of the effective registration statement and a related preliminary prospectus supplement, which may be obtained from of any of the following investment banks:<i> Lucid Capital Markets, LLC, Attn: George Mangione, 570 Lexington Avenue, 40th Floor, New York, NY 10022 (telephone number (646) 362-3098), or by e-mailing </i><a href="https://www.globenewswire.com/Tracker?data=Xp7Ixarw3VMWO8fxGykqcC8YmVXa-SYamZaRF7bH1XeUxoOlpsiWN2Xtat1adD6nqENCVdEiVbOW2W1EZ6Eud5LLiYCQ3S-w06v8Inn0_B8=" rel="nofollow" target="_blank"><i>GMangione@lucidcm.com</i></a><i>; or Oppenheimer &amp; Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY 10004, by telephone at (212) 667-8055, or by email at <a href="https://www.globenewswire.com/Tracker?data=SIlaFdJqHCwYc3_r1sziJgwKFCxYmycNpQWSiMGEiKukfuO9uXbWKv_mfO-DVQndtAPpvDAHXhkJJSkXCsp9Twk369E_TEfXmjH8S4OpkdT5-m2mBEylmEte0kJBdx1n" rel="nofollow" target="_blank">EquityProspectus@opco.com</a></i><i>.</i></p>  <p align="justify"><b>The preliminary prospectus supplement dated August 18, 2026, and the accompanying prospectus dated March 11, 2026, each of which has been filed with the </b><b>Securities and Exchange Commission, contains a description of these matters and other important information about the Company and should be read carefully before investing.</b></p>  <p><b>About Saratoga Investment Corp.</b></p>  <p align="justify">Saratoga Investment Corp. is a specialty finance company that provides customized financing solutions to U.S. middle-market businesses. The Company invests primarily in senior and unitranche leveraged loans and mezzanine debt, and, to a lesser extent, equity to provide financing for change of ownership transactions, strategic acquisitions, recapitalizations and growth initiatives in partnership with business owners, management teams and financial sponsors. The Company’s objective is to create attractive risk-adjusted returns by generating current income and long-term capital appreciation from its debt and equity investments. The Company has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended, and is externally managed by Saratoga Investment Advisors, LLC, an SEC-registered investment advisor focusing on credit-driven strategies. The Company owns two active SBIC-licensed subsidiaries, having surrendered its first license after repaying all debentures for that fund following the end of its investment period and subsequent wind-down. Furthermore, it manages a $360 million collateralized loan obligation ("CLO") fund that is in wind-down and co-manages a joint venture ("JV") that owns a $400 million collateralized loan obligation ("JV CLO") fund. It also owns 52% of the Class F notes and 100% of the subordinated notes of the CLO, 87.5% of both the unsecured loans and membership interests of the JV and 87.5% of the Class E-R notes of the JV CLO. The Company’s diverse funding sources, combined with a permanent capital base, enable the Company to provide a broad range of financing solutions.</p>  <p><b>FORWARD LOOKING STATEMENTS</b></p>  <p align="justify">Statements included herein contain certain "forward-looking statements" within the meaning of the federal securities laws, including statements with regard to the Company’s Notes offering and the anticipated use of the net proceeds of the offering. Forward-looking statements can be identified by the use of forward looking words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or negative versions of those words, other comparable words or other statements that do not relate to historical or factual matters. The forward-looking statements are based on our beliefs, assumptions and expectations of future events and our future performance, taking into account all information currently available to us. These statements are not guarantees of future events, performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including, but not limited to: an economic downturn or recession and its impact on the ability of our portfolio companies to operate and the investment opportunities available to us; the uncertainty associated with the imposition of tariffs and trade barriers and changes in trade policy and its impact on our portfolio companies and the global economy; interest rate volatility, including the uncertainty relating to the interest rate environment; the impact of supply chain constraints; labor shortages; the elevated levels of inflation; and the impact of geopolitical conditions on our portfolio companies and opportunities available to us, as well as those described from time to time in our filings with the SEC. Any forward-looking statement speaks only as of the date on which it is made. The Company undertakes no duty to update any forward-looking statements made herein, whether as a result of new information, future developments or otherwise, except as required by law.</p>  <p><strong>Contact:</strong></p>  <p>Henri Steenkamp<br></br>Saratoga Investment Corp.<br></br>212-906-7800</p> <img alt="" class="__GNW8366DE3E__IMG" src="https://www.globenewswire.com/newsroom/ti?nf=OTgxMTk2NCM3NzgxNzkzIzUwMDA1MDUzNw=="></img> <br></br><img alt="" src="https://ml.globenewswire.com/media/NzEyYWZmYmEtNzg4Ni00NzdmLTg4OTAtNTdhY2ZkNDU1YjI3LTUwMDA1MDUzNy0yMDI2LTA4LTE4LWVu/tiny/Saratoga-Investment-Corp.png" referrerpolicy="no-referrer-when-downgrade"></img><p><a href="https://www.globenewswire.com/NewsRoom/AttachmentNg/0fa4fcdc-3b32-4a6c-9746-6baac5f6c379"><img src="https://ml.globenewswire.com/media/0fa4fcdc-3b32-4a6c-9746-6baac5f6c379/small/logo-jpg.jpg" border="0" width="150" height="28" alt="Primary Logo"></img></a></p>

Saratoga Investment Corp. announced a registered public offering of unsecured notes and received a BBB rating from Egan-Jones. The notes are expected to trade on the NYSE as SAX within 30 days. Proceeds are earmarked to redeem higher-cost 2027 notes and potentially repay SPV debt, which could improve leverage and cost of capital.

News insight

Saratoga Investment Corp. Announces Offering of Notes and BBB Investment Grade Rating from Egan-Jones Ratings Company

AI summary

Sentiment rationale

Key facts

Corporate Developments