Saratoga Investment Corp. 6.00% Notes due 2027 (SAT)

The 6.00% Notes due 2027 were unsecured baby bonds issued by Saratoga Investment Corp., a business development company that lends to and invests in lower middle-market private companies, mostly through first lien senior loans. The notes were issued in $25.00 denominations, paid interest quarterly at a fixed rate of 6.00 percent per year, and were scheduled to mature on April 30, 2027. They traded on the New York Stock Exchange under the symbol SAT, while Saratoga's common stock trades as SAR.

Saratoga sold the notes in April 2022, with an initial offering of $87.5 million in principal and an option for underwriters to buy more, and the issue later grew to about $105.5 million outstanding. The notes ranked equally with Saratoga's other unsecured debt and behind any secured borrowings. Like other BDC baby bonds, they were callable at par before maturity, which allowed the company to refinance when it could raise money on better terms or adjust its debt profile.

On August 19, 2026, Saratoga notified holders that it would redeem the entire issue. The redemption took place on September 18, 2026, at 100 percent of principal plus accrued and unpaid interest up to that date, funded with proceeds from a new 8.00% Notes due 2031 offering and available cash. With the redemption the SAT notes stopped trading on the NYSE, and Saratoga's common stock continues to trade under SAR.