Saratoga Investment reports net asset value of USD125 in Q2 FY 2015.
BANKING AND CREDIT NEWS-October 20, 2015-Saratoga Investment reports net asset value of USD125 in Q2 FY 2015
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Saratoga Investment Corp. (NYSE: SAR) reported net asset value of USD125.3 million as of August 31, 2015, a USD1.8 million increase from an NAV of USD123.5 million as of May 31, 2015 and a USD2.7 million increase from an NAV of USD122.6 million as of February 28, 2015/2016 fiscal second quarter.
For the six months ended August 31, 2015, USD8.7 million of dividends declared was more than offset by USD5.4 million of net investment income, USD3.8 million of net realized gains and USD3.0 million of stock dividend distributions. NAV per share was USD22.42 as of August 31, 2015, compared to USD22.70 as of February 28, 2015.
Net investment income on a weighted average per share basis of USD0.66 for the quarter ended August 31, 2015. Adjusted for the incentive fee accrual related to net unrealized capital gains, the net investment income on a weighted per share basis was USD0.52, an increase of USD0.09, or 21 percent from the quarter ended August 31, 2014.
Effective May 29, 2015, the company said it entered into a debt distribution agreement with Ladenburg Thalmann & Co. through which the company may offer for sale, from time to time, up to USD20 million in aggregate principal amount of baby bonds through an at-the-market offering. As of August 31, 2015, the company sold 357,807 bonds with a principal of USD8,945,175 at an average price of USD25.36 for aggregate net proceeds of USD8,890,953.
During fiscal year 2015, board of directors of Saratoga Investment adopted a new dividend policy to pay a regular quarterly cash dividend to shareholders. Saratoga Investment's board of directors has declared a dividend to shareholders of USD0.36 per share for the quarter ended August 31, 2015, payable on November 30, 2015 to all stockholders of record at the close of business on November 2, 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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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||Oct 20, 2015|
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