Saratoga Investment increases quarterly dividend.
BANKING AND CREDIT NEWS-April 5, 2016-Saratoga Investment increases quarterly dividend
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Board of directors of Saratoga Investment Corp. (NYSE: SAR) has declared a quarterly dividend of USD0.41 per share for the fiscal quarter ended February 29, 2016, the company said.
The dividend is payable on April 27, 2016 to all stockholders of record at the close of business on April 15, 2016.
The company also further exercised its share repurchase plan during this quarter. In fiscal year 2015, the company announced the approval of an open market share repurchase plan that allows it to repurchase up to 200,000 shares of its common stock at prices below its NAV as reported in its then most recently published financial statements. Last quarter, this share repurchase plan was extended for another year, and increased to 400,000 shares through October 2016. As of March 30, 2016, Saratoga repurchased 37,920 shares at a weighted average price of USD14.10 per share under this plan.
During the last four quarters, the company has paid quarterly dividends of USD0.27 per share for the quarter ended February 28, 2015, USD0.33 per share for the quarter ended May 31, 2015, USD0.36 per share for the quarter ended August 31, 2015, USD0.40 per share for the quarter ended November 30, 2015, and a special dividend of USD1.00 per share in June 2015.
Saratoga Investment Corp. is a specialty finance company that provides customized financing solutions to US middle-market businesses. The company invests primarily in mezzanine debt, senior and unitranche leveraged loans 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.
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