Saratoga Investment Corp. Increases Quarterly Dividend to $0.54 per Share Represents the 18th Sequential Quarterly Dividend I...
February 26 2019 - 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
$0.54 per share for the fiscal quarter ended February 28, 2019,
payable on March 28, 2019, to all stockholders of record at the
close of business on March 14, 2019.
This increase is the eighteenth sequential
increase to the Company’s quarterly dividends. Total
dividends declared for the fiscal years ended February 28, 2019 and
2018 was $2.10 per share and $1.94 per share, respectively. The
Company paid a quarterly dividend of $0.53 per share for the
quarter ended November 30, 2018, $0.52 per share for the quarter
ended August 31, 2018, and $0.51 per share for the quarter ended
May 31, 2018. Throughout fiscal year 2018, the Company paid a
quarterly dividend of $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.
“The increased size and continued high quality
of our asset base over time has enabled us to generate strong
investment income and increased net asset value,” said Christian L.
Oberbeck, Chairman and Chief Executive Officer of Saratoga
Investment. “Our ability to increase our dividend payment for more
than four straight years sets us strongly apart from our BDC
competition and underscores the value of our high quality
management team, ample available liquidity, disciplined credit
analysis and robust investment sourcing pipeline.”
Strong financial performance has enabled Saratoga Investment to
increase regular quarterly dividends each of the past eighteen
quarters from $0.18 per share for the third quarter of fiscal 2015
to $0.54 per share for this fourth 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 $500 million collateralized loan
obligation (“CLO”) fund. It also owns 100% of the Class
F-R-2, G-R-2 and 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.212-906-7800
Roland TomfordeBroadgate
Consultants212-232-2222
Saratoga Investment (NYSE:SAR)
Historical Stock Chart
From Aug 2024 to Sep 2024
Saratoga Investment (NYSE:SAR)
Historical Stock Chart
From Sep 2023 to Sep 2024