Item 1.01. Entry into a Material Definitive Agreement.

On January 27, 2023, Saratoga Investment Corp. (the "Company") entered into the First Amendment (the "Amendment") to the Credit and Security Agreement, dated as of October 4, 2021 (the "Credit Agreement"), by and among Saratoga Investment Fund II LLC, a wholly owned subsidiary of the Company, as borrower (the "Borrower"), the Company, as equityholder and as collateral manager, the lenders party thereto, and Encina Lender Finance, LLC, as administrative agent and as collateral agent, and agreed to and acknowledged by U.S. Bank National Association, as custodian, and U.S. Bank Trust Company, National Association (successor in interest to U.S. Bank National Association), as collateral administrator, relating to the Borrower's senior secured revolving credit facility (the "Encina Credit Facility"). The Amendment, among other things: (i) increased the borrowings available under the Encina Credit Facility from up to $50.0 million to up to $65.0 million; (ii) changed the underlying benchmark used to compute interest under the Credit Agreement from LIBOR to Term SOFR for a one-month tenor plus a 0.10% credit spread adjustment; (iii) increased the applicable effective margin rate on borrowings from 4.00% to 4.25%; (iv) extended the revolving period from October 4, 2024 to January 27, 2026; (v) extended the period during which the Borrower may request one or more increases in the borrowings available under the Encina Credit Facility (each such increase, a "Facility Increase") from October 4, 2023 to January 27, 2025, and increased the maximum borrowings available pursuant to such Facility Increase from $75.0 million to $150.0 million; (vi) revised the eligibility criteria for eligible collateral loans to exclude certain industries in which an obligor or related guarantor may be involved; and (vii) amended the provisions permitting the Borrower to request an extension in the Commitment Termination Date (as defined in the Credit Agreement) to allow requests to extend any applicable Commitment Termination Date, rather than a one-time request to extend the original Commitment Termination Date, subject to a notice requirement.

The description above is only a summary of the material provisions of the Amendment and is qualified in its entirety by reference to the copy of the Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference thereto.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information provided in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

Item 9.01. Financial Statements and Exhibits.





(d) Exhibits



Exhibit No.   Description
   10.1         First Amendment to the Credit and Security Agreement, dated as of
              January 27, 2023, by and among Saratoga Investment Fund II LLC, as
              borrower, Saratoga Investment Corp., as equityholder and as collateral
              manager, the lenders party thereto, Encina Lender Finance, LLC, as
              administrative agent and as collateral agent, U.S. Bank National
              Association, as custodian, and U.S. Bank Trust Company, National
              Association (successor in interest to U.S. Bank National Association),
              as collateral administrator.

    104       Cover Page Interactive Data File (embedded within the Inline XBRL
              document)




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