NEW YORK, Aug. 1 /PRNewswire-FirstCall/ -- Saratoga Investment Corp. , the new name of GSC Investment Corp. (formerly NYSE: GNV), has completed a $55 million recapitalization to cure GSC's debt default and to provide working capital to grow its middle-market lending business.
The recapitalization was effected through the purchase of a minority stake in the Company by an investor group led by Saratoga Investment Advisors, LLC, a New York-based investment firm affiliated with Saratoga Partners. The deal was approved by a majority of GSC shareholders at a special meeting held in New York on July 30. With the purchase, in addition to changing the name of the company to Saratoga Investment Corp., senior managers of the business were replaced and a new NYSE stock ticker symbol, SAR, was adopted. Company headquarters will be in New York City.
Under the terms of the transaction, Saratoga, CLO Partners and certain individuals purchased 9.9 million shares of common stock of GSC Investment Corp. for $1.52 per share for a minority investment of approximately 37% of the Company's equity. Saratoga and CLO Partners are entities wholly or majority owned by Christian L. Oberbeck, Managing Director of Saratoga Partners, an affiliate of Saratoga.
The recapitalization plan includes a $40 million senior secured revolving credit facility from Madison Capital Funding LLC. Saratoga Investment Corp. has borrowed funds under the new credit facility that, together with the $15 million equity investment, were used to repay the full amount of the outstanding indebtedness of the Company's debt facility with Deutsche Bank, which was then terminated.
Saratoga has replaced an affiliate of GSC Group as the Company's external investment manager and administrator. GSC Investment Corp.'s officers have been replaced by corporate officers of Saratoga. Christian L. Oberbeck is the new CEO and Richard A. Petrocelli is the new CFO and CCO. Saratoga intends to augment its capabilities in the management of the Company's investments with additional professionals with experience in the management and origination of debt investments and collateralized loan obligations.
Similarly, the Company's board members affiliated with GSC Group have been replaced by Oberbeck and Petrocelli. The overall size and composition of the board otherwise remains unchanged.
Saratoga Investment Corp. plans to effect a 1:10 tax-free reverse stock split, pursuant to which each Company stockholder will receive one share of Company common stock in exchange for every 10 shares owned at that time. After giving effect to the minority investment by Saratoga and the 1:10 reverse stock split, the total number of shares of Company common stock outstanding will be approximately 2.7 million.
Oberbeck, as CEO of Saratoga Investment Corp., said, "We will work to restructure the portfolio of the former GSC Investment Corp. and actively seek participation in middle-market loan syndications and direct lending to middle-market companies. We are confident that Saratoga Investment Corp. will be a successful and growing company serving the financing needs of middle-market businesses."
Stifel, Nicolaus & Company, Incorporated served as financial advisor to GSC Investment Corp. in connection with the transaction. Venable LLP served as GSC Investment Corp.'s legal counsel on Maryland law and related matters and Davis Polk & Wardwell LLP served as GSC Investment Corp.'s legal counsel in connection with the transaction and related matters.
Sutherland, Asbill & Brennan LLP served as Saratoga's legal counsel in connection with the transaction and related matters.
About Saratoga Investment Corp.
Saratoga Investment Corp. is a specialty finance company that invests primarily in leveraged loans and mezzanine debt issued by U.S. middle-market companies, both through direct lending and through participation in loan syndicates. It has elected to be treated as a business development company under the Investment Company Act of 1940. Saratoga Investment Corp. is traded on the New York Stock Exchange under the symbol SAR.
About Saratoga Investment Advisors
Saratoga Investment Advisors is a New York-based investment firm formed to focus on credit-driven strategies. It is the manager of Saratoga Investment Corp. and is affiliated with Saratoga Partners, a leading middle-market private equity investment firm with $750 million of committed and invested institutional equity capital. Saratoga Partners primarily invests in businesses with strong management teams and valuations of between $50 million and $500 million, specializing in companies in manufacturing and business services. It also has a successful record in special situations and distressed investing.
Since Saratoga was founded in 1984 as a division of the New York investment firm Dillon, Read & Co., Inc., it has invested in 33 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). Saratoga is an alternative asset investment manager led by its Managing Directors, Christian Oberbeck, Richard Petrocelli and Charles Phillips.
Forward Looking Statements
This press release may contain certain forward-looking statements, including statements with regard to the proposed reverse split of common stock and other actions described in this press release. 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.Saratoga Investment Corp.
CONTACT: Mike Millican, +1-917-601-2465, firstname.lastname@example.org
LOS ANGELES, Aug. 1 /PRNewswire-FirstCall/ -- Rentrak Corporation , today announced the official weekend theatrical box office numbers for the weekend period of July 30 through August 1, 2010 according to the company's Box Office Essentials(TM) theatrical box office data collection and analytical service.
To access the Top-12 grossing motion pictures for the weekend, per data collected as of Sunday, August 1, 2010, please visit RENTRAK.com.
About Box Office Essentials
Box Office Essentials collects data for virtually every movie theater in the United States, Canada, Guam and Puerto Rico. Delivered in near-real-time, the data is collected through an electronic connection with thousands of theater box offices, allowing users to view online reports from anywhere around the world, while watching virtually the minute-by-minute sale of tickets. Box Office Essentials delivers robust amounts of data which is transformed into a comprehendible view of the market. Used by every studio as well as many independent distribution entities, the service gives users up to-the-minute information enhancing the ability to make faster and better-informed business decisions.
About Rentrak Corporation
Rentrak Corporation is a global digital media measurement and research company, serving the most recognizable companies in the entertainment industry. With a reach across numerous platforms including box office, home entertainment, video on demand and linear television, broadband and mobile, Rentrak has developed more efficient metrics to be used as alternative currencies for the evaluation and selling of media. Rentrak is headquartered in Portland, Oregon, with additional offices worldwide. For more information on any of Rentrak's services, please visit http://www.rentrak.com/.
Contacts: Rogers & Cowan for Rentrak Corporation Sallie Olmsted Amanda Bialek (310) 854-8124 (310) 854-8151 email@example.com firstname.lastname@example.orgRentrak Corporation
CONTACT: Sallie Olmsted, +1-310-854-8124, email@example.com,
or Amanda Bialek, +1-310-854-8151, firstname.lastname@example.org, both of Rogers
& Cowan, for Rentrak Corporation
Web Site: http://www.rentrak.com/
YAHUD, Israel, Aug. 1 /PRNewswire-FirstCall/ -- Magal Security Systems, Ltd. (Nasdaq GM: MAGS) announced today that it has received during the past few weeks approximately $5.5 million of orders for projects in Israel and worldwide.
The orders from Israel are related to homeland security and have been received from existing customers for new sites and expansions, as well as follow on support.
Two of the orders consisting of $1.2 million in the aggregate are to protect overseas critical infrastructure. One order is for a taut wire solution for the perimeter of a large air-force base in Western Europe. The second order is for a comprehensive solution for a nuclear reactor in North America. The project in North America includes Magal's leading PIDS (Perimeter Intrusion Detection System) buried cable technology and Dreambox - Magal's outdoor video management system with the state-of-the-art Intelligent Video Analytics (IVA).
Eitan Livneh, President and CEO of Magal S3, commented: "These new orders prove that investments in the protection of strategic homeland security assets by governments continue to be stable, and we are using our expertise in this area to win more business. Our strategy of focusing on regions, in which we have strong local presence, where we can leverage our previous successes, has allowed us to further enhance our position in these regions and to strengthen our long term relationships with the customers."
About Magal S3:
Magal S3 is a leading international provider of security, safety and site management solutions and products. Over the past 40 years, Magal S3 has delivered tailor-made solutions to hundreds of satisfied customers in over 80 countries. Magal S3 offers a broad portfolio of unique products used to protect sensitive installations in some of the world's most demanding locations and harshest climates. This portfolio covers the following three categories:
-- Perimeter Intrusion Detection Systems (PIDS) - a variety of smart barriers and fences, fence mounted detectors, virtual gates, buried and concealed detection systems; -- Close Circuit TV (CCTV) - a comprehensive management platform with a leading Intelligent Video Analytics (IVA) and Video Motion Detection (VMD) engine; -- Physical Security Information Management (PSIM) - a proprietary site management system that enhances command, control and decision making during both routine operations and crisis situations.
This press release contains forward-looking statements, which are subject to risks and uncertainties. Such statements are based on assumptions and expectations which may not be realized and are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, financial and otherwise, may differ from the results discussed in the forward-looking statements. A number of these risks and other factors that might cause differences, some of which could be material, along with additional discussion of forward looking statements, are set forth in the Company's Annual Report on Form 20-F filed with the Securities and Exchange Commission.
For more information: Magal S3 Financial Communication Eitan Livneh, President & CEO Public & Investor Relations Tel: +972-3-539-1421 Hadas Friedman Assistant: Ms. Elisheva Almog E-mail: email@example.com E-mail: ElishevaA@magal-s3.com -------------------------- ------------------------------ Tel: +972-3-6954333 ext. 6 Web: http://www.magal-s3.com/ Mobile: +972-54-2303100Magal Security Systems, Ltd.
CONTACT: Eitan Livneh, President & CEO, Magal S3, +972-3-539-1421,
Assistant: Ms. Elisheva Almog, ElishevaA@magal-s3.com; Financial
Communication, Public & Investor Relations, Hadas Friedman,
firstname.lastname@example.org, +972-3-6954333 ext. 6, Mobile: +972-54-2303100
Web Site: http://www.magal-s3.com/