NEW YORK, May 14, 2015 /PRNewswire/ — Saratoga Investment Corp. (NYSE: SAR) (“Saratoga Investment” or “the Company”), a business development company, today announced that its Board of Directors has declared a special dividend of $1.00 per share, payable on June 5, 2015 to all stockholders of record at the close of business on May 26, 2015. 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.
“The payment of this special dividend, combined with our increasing quarterly cash dividends, will enable us to fulfill our requirements for dividend distributions as a Regulated Investment Company this year,” said Christian L. Oberbeck, Chairman and Chief Executive Officer of Saratoga Investment. “Paying this special dividend now allows us to complete the transition from our prior dividend policy to our new policy implemented last fall of regular quarterly cash dividend payments, and to provide clarity on the form, timing and amount of this expected distribution to our shareholders.”