Saratoga Investment Corp. Increases Quarterly Dividend to $0.53 per Share Represents the 17th Sequential Quarterly Dividend I...
November 27 2018 - 8:30AM
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
$0.53 per share for the fiscal quarter ended November 30, 2018,
payable on January 2, 2019, to all stockholders of record at the
close of business on December 17, 2018.
This increase is the seventeenth sequential
increase to the Company’s quarterly dividends. The Company
paid a quarterly dividend of $0.52 per share for the quarter ended
August 31, 2018, and $0.51 per share for the quarter ended May 31,
2018, as well as regularly throughout fiscal year 2018, including
$0.50 per share for the quarter ended February 28, 2018, $0.49 per
share for the quarter ended November 30, 2017, $0.48 per share for
the quarter ended August 31, 2017, and $0.47 per share for the
quarter ended May 31, 2017. These steady increases represent total
dividends declared of $1.94 per share for the previous fiscal
period ending February 28, 2018, and $1.56 per share declared since
year-end.
“We have continued to consistently grow the size
and quality of our asset base, which has enabled us to generate
increased investment income and net asset value over time,” said
Christian L. Oberbeck, Chairman and Chief Executive Officer of
Saratoga Investment. “We are very proud of our continued ability to
steadily increase our quarterly dividend, an accomplishment that
sets us apart from our BDC competition. We have accomplished this
for more than four years and it underscores the value of our high
quality management team, ample liquidity and access to capital,
disciplined credit analysis and robust investment pipeline.”
Strong financial performance has enabled Saratoga Investment to
increase regular quarterly dividends each of the past seventeen
quarters from $0.18 per share for the third quarter of fiscal 2015
to $0.53 per share for this third quarter of fiscal 2019.
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 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 credit-driven
strategies. Saratoga Investment 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. 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 StatementsThis 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.
Contact: Henri SteenkampSaratoga
Investment Corp.212-906-7800Roland TomfordeBroadgate
Consultants212-232-2222
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