Preferred Stock Offerings

By Preferred Stock Channel Staff, updated Sat, April 1, 3:54 PM

This Slide: #175 of 609

Slide #175. Gladstone Investment Corporation — Preferred Stock Offering

Company:	Gladstone Investment Corporation (GAINL)
Date announced:	8/14/2018
Shares Offered:	2,600,000
Date of Pricing:	8/15/2018
Price Per Share:	$25.00
Preferred Stock Offering Details:	Gladstone Investment Corporation (NASDAQ: GAIN) (the "Company") today announced that it plans to sell shares of its newly designated Series E Cumulative Term Preferred Stock due 2025 (the "Series E Term Preferred Stock") in an underwritten public offering. The aggregate public offering price, dividend yield and other terms are to be determined by negotiations between the Company and the underwriters. The Company also plans to grant the underwriters a 30-day option to purchase additional shares of Series E Term Preferred Stock on the same terms and conditions solely to cover over-allotments, if any. BMO Capital Markets Corp., Janney Montgomery Scott LLC, and Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE MKT: LTS), are serving as joint book-running managers. B. Riley FBR, Inc. is serving as lead manager and J.J.B. Hilliard, W.L. Lyons, LLC, Wedbush Securities Inc., William Blair & Company, L.L.C., and National Securities Corporation, a wholly owned subsidiary of National Holdings Corporation (NasdaqCM: NHLD), are serving as co-managers of the offering. -updated 8/15- Gladstone Investment Corporation (NASDAQ: GAIN) (the "Company") today announced that it has entered into an agreement to sell 2,600,000 shares of its newly designated 6.375% Series E Cumulative Term Preferred Stock due 2025 (the "Series E Term Preferred Shares") at a public offering price of $25.00 per share, raising $65.0 million in gross proceeds and approximately $62.7 million in net proceeds after payment of underwriting discounts and commissions and estimated expenses of the offering payable by the Company. The Company has also granted the underwriters a 30-day option to purchase 390,000 additional Series E Term Preferred Shares on the same terms and conditions solely to cover over-allotments, if any. The closing of the transaction is subject to customary closing conditions and the shares are expected to be delivered on or about August 22, 2018. The Series E Term Preferred Shares will have a seven-year term, unless earlier redeemed by the Company. The Company anticipates its Series E Term Preferred Shares will trade on the NASDAQ Global Select Market under the symbol "GAINL."