Saratoga Investment Corp. (NYSE: SAR) has priced an underwritten public offering of $85 million in aggregate principal amount of 8.00% unsecured notes due 2031, according to a company statement.

The offering is expected to close on August 26, 2026, subject to customary closing conditions. The notes will mature on August 31, 2031, and may be redeemed in whole or in part at the company's option on or after August 26, 2028. Interest will be paid quarterly on February 28, May 31, August 31, and November 30 of each year, beginning November 30, 2026.

The company has granted underwriters an option to purchase up to an additional $12.75 million in aggregate principal amount of notes. The notes are expected to be listed on the New York Stock Exchange under the trading symbol "SAX" within 30 days of the original issue date.

Egan-Jones Ratings Company has assigned the notes a private investment grade rating of "BBB."

Lucid Capital Markets and Oppenheimer & Co. are serving as joint book-running managers. The company plans to use net proceeds from the offering and available cash to redeem in full its outstanding 6.00% notes due 2027.