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Sutherland Represents Saratoga Investment Advisors, LLC in its Purchase of GSC Investment Corp.

April 26, 2010

WASHINGTON (April 26, 2010) – Sutherland Asbill & Brennan LLP is advising Saratoga Investment Advisors, LLC in its $15 million purchase of a minority stake in GSC Investment Corp., a business development company, or “BDC." The purchase is part of a $55 million recapitalization plan to enable GSC Investment Corp. to pay off its existing defaulted debt and grow its business of lending to middle-market companies. 

Under the terms of the stock purchase agreement and subject to approval by the Company’s stockholders, Saratoga will replace GSC Group as GSC Investment Corp.’s external investment manager and administrator.  The transaction is expected to close this summer.  Sutherland has recently been involved in two other substantial transactions involving BDCs, having represented Allied Capital Corporation in connection with its acquisition by Ares Capital Corporation, and Patriot Capital Funding, Inc., in its acquisition by Prospect Capital Corporation.

Saratoga Investment Advisors, LLC is a New York-based investment firm which focuses on credit driven strategies.  It is affiliated with Saratoga Partners, a leading middle-market private equity investment firm with $750 million of committed and invested institutional capital.

The Sutherland team is led by Financial Services Partner Steven B. Boehm and Corporate Partner Harry S. Pangas, both in Washington, D.C., and includes Corporate Partners Douglas J. Leary and James D. Darrow in Washington, D.C.; Tax Partner David A. Roby Jr. in Washington, D.C.; and Corporate Partner Eric R. Fenichel in Atlanta.

SUTHERLAND ASBILL & BRENNAN LLP
Sutherland Asbill & Brennan LLP is a law firm with global reach known for solving challenging business problems and resolving sophisticated legal issues for many of the world’s largest companies. Founded in 1924, the firm handles matters throughout the United States and worldwide. Seven major practice areas—corporate, energy and environmental, financial services, intellectual property, litigation, real estate, and tax—provide the framework for an extensive range of focus areas, allowing Sutherland attorneys to serve a diverse client base that ranges from small and medium-sized start-up businesses to a significant number of Fortune 100 companies.

                                                                            

DEAL NOTIFICATION

Target & Acquirer name, nation, business description:
Target:  GSC Investment Corp.; New York, New York; is a specialty finance company that invests primarily in leveraged loans and mezzanine debt issued by U.S. middle-market companies, high yield bonds and collateralized loan obligations. It has elected to be treated as a business development company under the Investment Company Act of 1940.

Acquirer:  Saratoga Investment Advisors, LLC; New York, New York; is an investment firm formed to focus on credit driven strategies. It 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 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.

Date Deal Announced:  April 14, 2010

Date of Completion (if applicable):  Not Applicable

Deal status:  Pending

Which party firm advised:  Saratoga Investment Advisors, LLC

Advisory role:  Legal Counsel

Deal Description or comments (if necessary): 
Sutherland Asbill & Brennan LLP is advising Saratoga Investment Advisors, LLC in its purchase of a minority stake in GSC Investment Corp.

Value (if disclosed):  $15 million

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Sutherland Asbill & Brennan LLP is an international law firm helping the Fortune 100, industry leaders, sector innovators and business entrepreneurs solve their biggest challenges and reach their business goals. Dedicated to unfaltering excellence in client service, we are known for our business savvy and industry intelligence, providing creative and custom solutions for each of our clients. Industry and business experience makes the difference for our clients.

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