Saratoga Investment Corp. Increases Quarterly Dividend by $0.01 to $0.44 per Share for the Quarter Ended May 31, 2021
May 27 2021 - 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 a quarterly dividend of $0.44 per
share for the fiscal quarter ended May 31, 2021, payable on June
29, 2021, to all stockholders of record at the close of business on
June 15, 2021. This is an increase of $0.01 per share from last
quarter.
“We are very pleased that our strong track
record, healthy credit profile, robust deal pipeline, and ongoing
asset growth continue to generate strong financial performance in
support of a program of paying and increasing quarterly dividends,”
said Christian L. Oberbeck, Chairman and Chief Executive Officer of
Saratoga Investment. “Our dividend strategy is consistent with our
overall approach to managing risk conservatively, while pursuing
long-term growth and credit quality.”
This is the second dividend declared in fiscal
year 2022. In fiscal year 2021, the Company declared a quarterly
dividend of $0.42 per share for the quarter
ended November 30, 2020, $0.41 per share for the
quarter ended August 31, 2020 and $0.40 per share for the
quarter ended May 31, 2020. Total dividends declared for the
fiscal years 2019 and 2018, were $2.06 per share
and $1.90 per share, respectively.
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 two SBIC-licensed
subsidiaries and manages a $650 million collateralized loan
obligation (“CLO”) fund. It also owns 100% of the Class F-R-3
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 StatementsStatements included
herein contain certain “forward-looking statements” within the
meaning of the federal securities laws, including statements with
regard to the Company’s Notes offering and the anticipated use of
the net proceeds of the offering. Forward-looking statements can be
identified by the use of forward looking words such as “outlook,”
“believes,” “expects,” “potential,” “continues,” “may,” “will,”
“should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,”
“estimates,” “anticipates” or negative versions of those words,
other comparable words or other statements that do not relate to
historical or factual matters. The forward-looking statements are
based on our beliefs, assumptions and expectations of future events
and our future performance, taking into account all information
currently available to us. These statements are not guarantees of
future events, performance, condition or results and involve a
number of risks and uncertainties. Actual results may differ
materially from those in the forward-looking statements as a result
of a number of factors, including but not limited to the impact of
the COVID-19 pandemic and the pandemic’s impact on
the U.S. and global economy, as well as those described
from time to time in our filings with the SEC. Any
forward-looking statement speaks only as of the date on which it is
made. Saratoga Investment Corp. undertakes no duty to
update any forward-looking statements made herein, whether as a
result of new information, future developments or otherwise, except
as required by law.
Contact: Henri SteenkampSaratoga
Investment Corp.
212-906-7800
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