Saratoga Investment Corp. reports recurring developments as a business development company that provides customized financing to U.S. middle-market businesses. Its updates center on senior and unitranche leveraged loans, mezzanine debt, selective equity investments, portfolio originations, asset growth, net investment income, net asset value, return on equity and credit quality across its investment portfolio.
Company news also covers dividend declarations, including monthly payments tied to quarterly base dividends, conference-call scheduling, shareholder voting matters and capital-structure activity. Financing updates include debt securities and note issuances used within the BDC's broader funding structure.
Saratoga Investment Corp. (NYSE:SAR) announced strong financial results for Q3 2023, with Net Investment Income (NII) per share up 30% quarter-over-quarter and 84% year-over-year. Adjusted NII per share also rose 33% sequentially and 45% annually. As of November 30, 2022, Assets Under Management (AUM) were $982 million, up 48.4% year-over-year. The company’s Net Asset Value (NAV) per share slightly decreased to $28.25, while a record 26% dividend increase was declared, resulting in a $0.68 per share dividend.
Saratoga Investment Corp. (NYSE:SAR) will release its financial results for the quarter ended November 30, 2022, on January 10, 2023, after market close. A conference call to discuss these results will occur on January 11, 2023, at 10:00 a.m. ET. Interested parties can access the call via a webcast or phone, with registration required for the latter. The company specializes in providing financing solutions to U.S. middle-market businesses, focusing on leveraged loans and mezzanine debt to generate attractive risk-adjusted returns.
Saratoga Investment Corp. (SAR) has priced an underwritten public offering of $52.5 million in 8.125% unsecured notes due 2027. The notes, which bear interest payable quarterly, will mature on December 31, 2027, and can be redeemed starting December 13, 2024. The offering is expected to close on December 13, 2022. The company aims to utilize the proceeds for investments in middle-market companies and general corporate purposes. The notes will be listed on the NYSE under the symbol 'SAY' and have received a BBB+ investment grade rating from Egan-Jones Ratings Company.
Saratoga Investment Corp. (NYSE: SAR) announced a public offering of unsecured notes, set to list under the symbol 'SAY' on the NYSE. The company has received a 'BBB+' investment grade rating from Egan-Jones Ratings Company, enhancing its credibility. This offering is geared towards raising capital through unsecured debt, with proceeds expected to support its financing strategies in middle-market businesses. Investors are advised to review the associated prospectus for detailed risk and financial information.
Saratoga Investment Corp (NYSE:SAR) has announced a quarterly dividend of $0.68 per share, reflecting a 26% increase from the prior quarter's $0.54. This dividend is set for payment on January 4, 2023, to shareholders recorded by December 15, 2022. The increase is attributed to strong portfolio performance and a favorable credit profile, bolstered by a 95% floating rate loan asset portfolio. Previously, dividends were $0.54 and $0.53 for the last two quarters of fiscal 2023.
Saratoga Investment Corp. (NYSE: SAR) has announced an underwritten public offering of $40 million in 8.00% unsecured notes due October 31, 2027. The offering aims to close on October 27, 2022, and the notes will be listed on the NYSE under the symbol 'SAJ'. Interest on the notes will be payable quarterly, starting February 28, 2023. Additionally, the company received a 'BBB+' investment grade rating from Egan-Jones Ratings. Proceeds will be used for investments in middle-market companies and general corporate purposes, enhancing the company's capacity for growth.
Saratoga Investment Corp. (NYSE: SAR) has launched a registered public offering of unsecured notes. The offering has received an investment grade rating of “BBB+” from Egan-Jones Ratings Company, which is recognized by key regulatory bodies. The notes are expected to be listed on the New York Stock Exchange under the symbol “SAJ” and will trade within 30 days of issuance. The offering is managed by leading investment banks, and investors are advised to carefully consider risks before investing. A registration statement has been filed with the SEC.
Saratoga Investment Corp. (SAR) reported financial results for its 2023 fiscal second quarter, showing a net investment income of $7.7 million, or $0.64 per share, despite a decline in net asset value (NAV) per share to $28.27. Assets under management (AUM) grew by 43.3% year-over-year to $954.7 million. The company declared a quarterly dividend of $0.54, up from $0.53. However, return on equity fell to 4.8%, a drop from 14.4% the prior year. Additionally, the fair value of investments decreased due to market volatility affecting loan valuations.
Saratoga Investment Corp. (NYSE:SAR) has successfully priced a $400 million CLO, named Saratoga Investment Corp Senior Loan Fund 2022-1 Ltd. (SLF 2022), as of September 30, 2022. This fund is a subsidiary of Saratoga Senior Loan Fund I JV LLC, co-managed by Saratoga Investment and TJHA JV I LLC. The anticipated closing date is October 28, 2022. The CLO structure includes various classes of notes, with a total of $400 million in par value and varying expected ratings from Aaa to Ba3. This transaction boosts Saratoga's CLO assets to over $1 billion.
Saratoga Investment Corp. (NYSE:SAR) has received approval from the Small Business Administration (SBA) for its third Small Business Investment Company (SBIC) license. This license allows the company to access up to $175 million in additional long-term capital through SBA-guaranteed debentures. The maximum outstanding SBA debentures for companies with multiple SBICs is $350 million, requiring at least $175 million in regulatory capital. The company aims to use this funding to support small businesses and enhance its financing solutions.