NEW YORK, December 3, 2018 – Saratoga Investment Corp. (NYSE:SAR) (“Saratoga Investment” or “the Company”), a business development company, today announced pricing of its reset of the existing Saratoga Investment Corp. CLO 2013-1, Ltd. (“Saratoga CLO”). In addition and as part of the reset, the Saratoga CLO has also been upsized to approximately $500 million from its prior $300 million in assets.

The transaction is structured as follows:

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The non-call period expires on January 20, 2020, the reinvestment period expires on January 20, 2021, and the legal final date is January 20, 2030.

The anticipated closing date is December 14, 2018.

Saratoga Investment will own 100% of the F-R-2, G-R-2 and Subordinated Notes on the closing date.

The Notes have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.


About Saratoga Investment
Saratoga Investment 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. Saratoga Investment’s objective is to create attractive risk-adjusted returns by generating current income and long-term capital appreciation from its debt and equity investments. Saratoga Investment has elected to be regulated as a business development company under the Investment Company Act of 1940 and is externally-managed by Saratoga Investment Advisors, LLC, an SEC- registered investment advisor focusing on private credit and equity-driven strategies. Saratoga Investment owns an SBIC-licensed subsidiary and manages the Saratoga CLO. It also owns 100% of the Class F-R and Subordinated Notes of the existing Saratoga CLO, and will own 100% of the Class F-R-2, G-R-2 and Subordinated Notes of the Saratoga CLO upsized to $500 million on the closing date. The Company’s diverse funding sources, combined with a permanent capital base, enable Saratoga Investment to provide a broad range of financing solutions.


Forward Looking Statements
This press release contains certain forward-looking statements. These forward-looking statements are subject to risks and uncertainties and other factors enumerated in this press release and the filings Saratoga Investment makes with the SEC. Saratoga Investment undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.