Saratoga Investment Corp. to Report Q3 2012 Financial Results and Hold Conference Call on Jan. 13, 2012

NEW YORK, Jan. 11, 2012 /PRNewswire/ – Saratoga Investment Corp. (NYSE: SAR), a business development company, will report its financial results for the quarter ended Nov. 30, 2011, on Friday, Jan. 13, 2012, at approximately 11:00 a.m. (ET).  A conference call to discuss the financial results will be held on the same day.  Details for the conference call are provided below.

Who:	Christian L. Oberbeck, Chief Executive Officer Richard A. Petrocelli, Chief Financial Officer
When:	Friday, Jan. 13, 2012 11:00 a.m. Eastern Time (ET)
How:	Call: Interested parties may participate by dialing (877) 312-9208 (U.S. and Canada) or (678) 224-7872 (outside U.S. and Canada). A replay of the call will be available from 2:00 p.m. ET on Friday, Jan. 13, 2012 through 11:59 p.m. ET on Wednesday, Jan. 18, 2012 by dialing (855) 859-2056 (U.S. and Canada) or (404) 537-3406 (outside U.S. and Canada), passcode for both replay numbers: 42061505.
	Webcast: Interested parties may also access a simultaneous webcast of the call by going to http://ir.saratogainvestmentcorp.com/events.cfm.
Information:	Saratoga Investment Corp.’s Form 10-Q for the quarter ended Nov. 30, 2011 will be filed on Jan. 12, 2012 with the Securities and Exchange Commission.

About Saratoga Investment Corp.
Saratoga Investment Corp. is a specialty finance company that provides customized financing solutions to U.S. middle-market businesses.  The Company invests primarily in mezzanine debt, leveraged loans and, to a lesser extent, equity.  Saratoga Investment Corp.’s investment objective is to create attractive risk-adjusted returns by generating current income from its debt investments and capital appreciation from its equity investments.  The Company partners with business owners, management teams and financial sponsors to provide financing for change of ownership transactions, strategic acquisitions, recapitalizations and growth initiatives. It has elected to be regulated as a business development company under the Investment Company Act of 1940.
About Saratoga Investment Advisors, LLC
Saratoga Investment Advisors, LLC is a New York-based investment firm formed to focus on credit-driven strategies.  It is the external investment adviser to Saratoga Investment Corp. and is affiliated with Saratoga Partners, a middle-market private equity investment firm that primarily invests in businesses with strong management teams and valuations of between $50 million and $500 million.  Saratoga Partners’ investment strategy focuses on companies in manufacturing and business services and it has significant experience in special situations and distressed investing.
Since Saratoga Partners was founded in 1984 as a division of the New York investment firm Dillon, Read & Co., Inc., it has invested in 35 companies with an aggregate value of more than $3.7 billion.  It has been an independent firm since its spinoff in 1998 after Dillon Read was acquired by Swiss Bank Corporation (a predecessor to UBS AG).

Contact:	Rich Petrocelli
	Saratoga Investment Corp.
	212-906-7800
	Roland Tomforde
	Broadgate Consultants
	212-232-2222

SOURCE Saratoga Investment Corp.
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Fitch downgrades Hungary to junk status

BUDAPEST, Hungary (AP) — Fitch downgraded Hungary’s credit rating to junk status on Friday, citing a standoff between the government and international lenders like the IMF and the European Union over possible rescue loans.
Fitch kept a negative outlook on Hungary, indicating a more than a 50 percent chance for another downgrade on the Central European nation of 10 million people within the next two years. The move followed similar action from Moody’s and Standards & Poor’s.
Hungary’s shaky finances have been battered this entire week. Its currency, the forint, fell to all-time lows during two consecutive days and the government suffered through a rough bond auction Thursday in which the interest rates it had to paid to borrow jumped more than 2 percentage points in just a few weeks.
Investors are deeply unsure about the government’s economic policies and whether it can agree upon a rescue loan with the International Monetary Fund.
Fitch Ratings’ decision to cut Hungary’s credit rating one notch, to BB+ from BBB-, was triggered partly “by further unorthodox economic policies which are undermining investor confidence and complicating the agreement of a new IMF-EU deal,” said Matteo Napolitano, Director in Fitch’s Sovereign Group.
Hungary late last year requested financial aid from the EU and the IMF. But the two institutions broke off preliminary negotiations in December amid concerns over new laws that hurt the independence of Hungary’s central bank.
“Even if a (loan) agreement were to be reached, doubts would remain over whether the Hungarian government could submit to its strict conditionality, given its track record of policy unpredictability,” Fitch said.
Government spokesman Andras Giro-Szasz said the downgrade was “surprising” considering statements from Prime Minister Viktor Orban and Tamas Fellegi, Hungary’s chief financial negotiator, confirming the country’s intention to soon reach an agreement with international creditors and affirming its support for the independence of the central bank.
Earlier Friday, Orban met with National Bank of Hungary President Andras Simor and the government’s top economic officials. Orban dismissed market speculation that his conservative government was planning to raid central bank reserves to prop up the state budget and said it would do everything it can to support the central bank’s efforts to stabilize the economy.
On Friday, the forint strengthened to around 215 per euro after falling as low as 224 per euro on Thursday.
Despite government pledges, investors are wary of government policies that boost budget revenues without unpopular austerity measures — such as windfall taxes on banks, telecommunications firms and others. They are also unnerved by Hungary‘s new constitution and new laws that have centralized political power and eroded democratic checks and balances.
Hungary has also been deeply affected by the eurozone’s debt crisis — nearly 80 percent of its exports go to EU countries. Its domestic consumption has been weakened by high levels of household debt, including many mortgages held in soaring Swiss francs.
Many experts see the country falling back into a recession this year, though not as deeply as the 6.7 percent contraction in 2009.
Hungary was given a bailout of euro20 billion ($26 billion) in 2008 after the collapse of U.S. investment bank Lehman Brothers. Yet Orban, whose Fidesz party gained a two-thirds majority in parliament in April 2010 elections, chose to end the deal so IMF would not oversee Hungary’s economic policy

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Saratoga Investment Corp. Announces Form of Previously Declared Dividend and Results of Dividend Elections

NEW YORK , Dec. 30, 2011 /PRNewswire/ – Saratoga Investment Corp. (NYSE: SAR – News), a business development company (the “Company”), announced today the form in which the dividend declared by the Company’s board of directors on November 15, 2011 , will be paid and the results of its shareholders’ elections relating to the dividend. The dividend of $3.00 per share is payable on December 30, 2011 , to shareholders of record as of November 25, 2011 . Shareholders had until December 22, 2011 , to elect whether to receive the dividend in cash (up to an aggregate maximum cash amount of approximately $2.0 million , or approximately 20% of the total dividend paid) or in shares of common stock. Due to the original terms of the dividend, shareholders who elected to receive cash will receive a combination of cash and common stock.
The dividend will consist of approximately $2.0 million in cash and 600,000 shares of common stock, or approximately 18.3% of the Company’s outstanding shares prior to the dividend. The amount of cash elected to be received was greater than the cash limit of 20% of the aggregate dividend amount, therefore resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $13.12 per share, which equaled the average of the volume weighted average trading price per share of the Company’s common stock on December 20 , 21 and 22, 2011.
Shareholders who elected to receive the dividend solely in shares of common stock and shareholders who did not make an election will receive approximately 0.23 shares of common stock for each share of common stock they owned on the record date of November 25, 2011 . Holders of approximately 66.1% of the Company’s common stock elected to receive only stock or did not make an election.
Shareholders electing to receive the dividend in all cash will receive cash in the amount of $1.77 per share, or approximately 59% of the $3.00 dividend, and 0.094 shares of common stock, or approximately 41% of the total dividend for each share of common stock they owned on the record date of November 25, 2011 . Cash in lieu of fractional shares will be issued, if applicable.
Shareholders who hold their shares through a bank, broker or nominee and have questions regarding the dividend should contact their bank, broker or nominee directly.
Registered shareholders with questions regarding the dividend may call the Company’s transfer agent, American Stock Transfer & Trust Company, LLC, at 1-(800)-937-5449.
About Saratoga Investment Corp.
Saratoga Investment Corp. is a specialty finance company that provides customized financing solutions to U.S. middle-market businesses. The Company invests primarily in mezzanine debt, leveraged loans and, to a lesser extent, equity. Saratoga Investment Corp.’s investment objective is to create attractive risk-adjusted returns by generating current income from its debt investments and capital appreciation from its equity investments. The Company partners with business owners, management teams and financial sponsors to provide financing for change of ownership transactions, strategic acquisitions, recapitalizations and growth initiatives. It has elected to be regulated as a business development company under the Investment Company Act of 1940.
About Saratoga Investment Advisors, LLC
Saratoga Investment Advisors, LLC is a New York -based investment firm formed to focus on credit-driven strategies. It is the external investment adviser to Saratoga Investment Corp. and is affiliated with Saratoga Partners, a middle-market private equity investment firm that primarily invests in businesses with strong management teams and valuations of between $50 million and $500 million . Saratoga Partners’ investment strategy focuses on companies in manufacturing and business services and it has significant experience in special situations and distressed investing.
Since Saratoga Partners was founded in 1984 as a division of the New York investment firm Dillon, Read & Co., Inc., it has invested in 35 companies with an aggregate value of more than $3.7 billion . It has been an independent firm since its spinoff in 1998 after Dillon Read was acquired by Swiss Bank Corporation (a predecessor to UBS AG).
Forward Looking Statements
This press release may contain certain forward-looking statements. Words such as “intends,” “believes,” “expects,” “projects,” and “future” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to risks and uncertainties and other factors enumerated in the filings Saratoga Investment Corp. makes with the SEC. Saratoga Investment Corp. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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