NEW YORK, May 30, 2017 /PRNewswire/ -- Saratoga Investment
Corp. (NYSE: SAR) ("Saratoga Investment" or "the Company"), a
business development company, today announced that its Board of
Directors has declared an increased quarterly dividend of
$0.47 per share for the fiscal
quarter ended May 31, 2017, payable
on June 27, 2017 to all stockholders
of record at the close of business on June
15, 2017.
This increase is the eleventh sequential increase to the
Company's quarterly dividends and follows total dividends of
$1.98 per share for the fiscal period
ending February 28, 2017,
representing four quarters' dividends and one special dividend.
"The combination of growth in assets under management and strong
credit quality allows us to continue to pay an increasing and
healthy quarterly dividend," said Christian
L. Oberbeck, Chairman and Chief Executive Officer of
Saratoga Investment. "At the same time, we continue to over-earn
our dividend due to an investment pipeline that continues to be
productive in a difficult market environment, a growing income
yield generated from our prudently increasing high quality
portfolio, and levels of available liquidity and capital resources
supporting continued growth."
Strong financial performance has enabled Saratoga Investment to
increase regular quarterly dividends each quarter for the past
eleven quarters from $0.18 per share
for the third quarter of fiscal 2015 to $0.47 per share for the first quarter of fiscal
2018. Actual dividends paid in fiscal year 2017 were $0.43 per share for the quarter ended
May 31, 2016, $0.44 per share for the quarter ended
August 31, 2016, $0.45 per share for the quarter ended
November 30, 2016 and $0.46 per share for the quarter ended
February 28, 2017. In addition,
Saratoga Investment paid a special dividend of $0.20 per share on September 5, 2016.
Shareholders will have the option to receive payment of the
dividend in cash, or receive shares of common stock pursuant to the
Company's dividend reinvestment plan ("DRIP"). Saratoga Investment
shareholders who hold their shares with a broker must affirmatively
instruct their brokers prior to the record date if they prefer
to receive this dividend and future dividends in common
stock. The number of shares of Common Stock to be
delivered shall be determined by dividing the total dollar amount
by 95% of the average of the market prices per share at the close
of trading on the ten (10) trading days immediately preceding (and
including) the payment date.
About Saratoga Investment Corp.
Saratoga Investment Corp. is a specialty finance company that
provides customized financing solutions to U.S. middle-market
businesses. The Company invests primarily in mezzanine debt,
senior and unitranche leveraged loans 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 Corp.'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 Corp. 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 credit-driven strategies. Saratoga Investment
Corp. owns an SBIC-licensed subsidiary and manages a $300 million collateralized loan obligation
("CLO") fund. It also owns 100% of the subordinated notes of
the CLO. These diverse funding sources, combined with a
permanent capital base, enable Saratoga Investment Corp. 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 Corp. makes with the SEC.
Saratoga Investment Corp. undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/saratoga-investment-corp-increases-quarterly-dividend-to-047-per-share-300465250.html
SOURCE Saratoga Investment Corp.