Welcome to our dedicated page for Saratoga Invt news (Ticker: SAR), a resource for investors and traders seeking the latest updates and insights on Saratoga Invt stock.
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) declared a quarterly dividend of $0.53 per share for the fiscal third quarter ending November 30, 2021, payable on January 19, 2022. This represents an increase of $0.01 from the previous quarter's $0.52 per share. This dividend marks the fourth declaration in fiscal year 2022, showcasing a consistent commitment to shareholder returns. The Company emphasizes its strong portfolio performance and healthy credit profile as key drivers of this dividend strategy, aimed at delivering attractive risk-adjusted returns.
Saratoga Investment Corp. (NYSE:SAR) announced the closing of a new $50 million senior secured credit facility with Encina Lender Finance, enhancing its financial flexibility. The facility, effective October 4, 2021, allows for a potential increase to $75 million within the first two years. It mandates a minimum draw of $12.5 million initially, rising to at least $25 million thereafter. The interest rate is LIBOR plus 4.0%. The company repaid its existing revolving credit facility with Madison Capital Funding, marking a significant move in restructuring its capital.
Saratoga Investment Corp. (SAR) reported its 2022 fiscal second quarter results, showcasing a net asset value (NAV) per share of $28.97, a historic high. With assets under management (AUM) at $666.1 million, it reflects a 31.1% increase year-over-year. Investment income surged by 33.1% to $18.4 million. The company declared a quarterly dividend of $0.52, an 18% increase from the previous quarter. Despite record repayments of $134.8 million, the company maintains strong credit quality with 93% of its credits rated in the highest category.
Saratoga Investment Corp. (NYSE:SAR) will report its financial results for the fiscal quarter ended August 31, 2021, on October 5, 2021, post-market. A conference call to discuss these results is scheduled for October 6, 2021, at 10:00 a.m. ET, featuring Chairman Christian L. Oberbeck and other key executives. Investors can participate via phone or access a webcast through the company's investor relations website. The 10-Q filing will also be available on the same day.
Saratoga Investment Corp (NYSE:SAR) has been awarded the title of 2021 Best U.S. Boutique CLO Manager by Creditflux, marking its third consecutive nomination. The award recognizes top performance in the CLO and credit fund management sector based on rigorous quantitative criteria including cash distributions and debt compliance. Saratoga manages a $650 million CLO fund and has distributed $73 million in cash to shareholders. The recognition highlights the company’s commitment to strong financial performance for over 11 years.
Saratoga Investment Corp. (NYSE:SAR) has declared a quarterly dividend of $0.52 per share for the fiscal quarter ending August 31, 2021, an 18% increase from the previous $0.44. This dividend will be payable on September 28, 2021, to shareholders of record by September 14, 2021. The increase reflects the company's robust portfolio performance and favorable credit profile. This marks the third dividend declaration in fiscal year 2022, continuing a trend of consistent dividend growth.
Saratoga Investment Corp. (SAR) has initiated the distribution of proxy materials for its 2021 Annual Meeting of Stockholders, scheduled for September 27, 2021. Stockholders are encouraged to vote their shares promptly to mitigate solicitation costs, especially due to potential delays caused by Covid-19. The Annual Meeting will take place at Eversheds Sutherland in New York. Stockholders of record as of July 30, 2021, are eligible to vote. Saratoga also provides financing solutions to U.S. middle-market businesses, with a focus on generating attractive returns.
Saratoga Investment Corp. (NYSE: SAR) has successfully completed a public offering of $125 million in additional 4.375% notes due 2026, netting approximately $123.5 million. This issuance is an extension of previously issued notes, bringing total outstanding to $175 million. The new notes will mature on February 28, 2026, with a semi-annual interest payment starting August 28, 2021. Proceeds will be used to redeem existing higher-rate notes, reduce revolving credit debt, and invest in middle-market companies.
Saratoga Investment Corp. (NYSE: SAR) priced a public offering of $125 million of 4.375% notes due 2026 on July 15, 2021. The notes are issued at a price of 101.00%, yielding approximately 4.1%. Accrued interest will be paid to note holders on August 28, 2021. This issuance increases the total outstanding 4.375% notes to $175 million. The proceeds will be used to redeem previously issued notes, repay debt, invest in middle-market companies, and for general corporate purposes. The offering is expected to close on July 20, 2021.
Saratoga Investment Corp. (NYSE:SAR) announced its fiscal Q1 2022 results, reporting net investment income of $2.6 million ($0.23 per share). The company achieved a record AUM of $677.8 million, up 40.4% year-over-year. NAV per share rose to $28.70, marking a 5.3% quarterly increase. Earnings per share also improved to $1.88 compared to a loss of $(2.02) a year prior. The company declared a dividend of $0.44 per share and maintained a strong balance sheet with $20 million in cash and significant undrawn borrowing capacity. The results signal robust portfolio performance and strategic growth opportunities.