Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Sat, May 21, 7:48 AM
|This Slide: #369 of 581|
Slide #369. Gladstone Investment Corporation — Preferred Stock Offering
Gladstone Investment Corporation (NASDAQ:GAIN)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
Gladstone Investment Corporation (Nasdaq:GAIN) (the "Company") today announced that it has entered into an agreement to sell 1,440,000 shares of its newly designated 6.75% Series B Cumulative Term Preferred Stock (the "Series B Term Preferred Shares") at a public offering price of $25.00 per share, raising $36.0 million in gross proceeds and approximately $34.5 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 216,000 additional Series B 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 November 13, 2014. The Series B Term Preferred Shares will have a seven-year term, unless earlier redeemed by the Company. The Company anticipates its Series B Term Preferred Shares will trade on the NASDAQ Global Select Market under the symbol GAINO.
Gladstone Investment operates as an externally managed, closed-end, non-diversified management investment company. Co.'s investment objectives are to: achieve and grow income by investing in debt securities of established businesses and provides its stockholders with long-term capital appreciation in the value of its assets by investing in equity securities of established businesses, generally in combination with the aforementioned debt securities.
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Hold (2.00 out of 4)
(ranked lower than approx. 100% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com