Gladstone Investment Corporation Announces Closing of Offering of 1,610,000 Shares of Its 6.50% Series C Cumulative Term Pref...
May 13 2015 - 4:14PM
Gladstone Investment Corporation (Nasdaq:GAIN) (the "Company")
today announced that on May 12, 2015 it closed its previously
announced offering of 1,400,000 shares of its newly-issued 6.50%
Series C Cumulative Term Preferred Stock Due 2022 (the "Series C
Term Preferred Shares") at a public offering price of $25.00 per
share. Simultaneously with the closing of the offering, the
underwriters exercised in full their option to purchase an
additional 210,000 Series C Term Preferred Shares on the same terms
to cover over-allotments, resulting in a total issuance of
1,610,000 shares for gross proceeds of approximately $40.3 million
and net proceeds of approximately $38.6 million, after payment of
underwriting discounts and commissions and estimated offering
expenses.
The Series C Term Preferred Shares began trading on the NASDAQ
Global Select Market on May 13, 2015 under the symbol "GAINN." The
Series C Term Preferred Shares are mandatorily redeemable in May
2022 at $25.00 per share. Janney Montgomery Scott LLC served as the
sole book-running manager for the offering. J.J.B. Hilliard, W.L.
Lyons, LLC, Wunderlich Securities, Inc., William Blair &
Company, L.L.C. and Ladenburg Thalmann & Co. Inc., a subsidiary
of Ladenburg Thalmann Financial Services Inc. (NYSE MKT:LTS),
served as co-lead managers of the offering. Maxim Group LLC served
as co-manager of the offering.
The Company intends to use the net proceeds from this offering
to repay borrowings under its existing credit facility, to fund
investments in accordance with its investment strategy and for
other general corporate purposes. This offering was made pursuant
to the Company's existing shelf registration statement, previously
filed with the Securities and Exchange Commission ("SEC"). The
final prospectus supplement related to the offering dated May 6,
2015 is available on the SEC website at www.sec.gov or by
contacting Janney Montgomery Scott LLC, 1717 Arch Street,
Philadelphia, PA, 19103, Attention: Taxable Fixed Income Department
or prospectus@janney.com.
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
other jurisdiction.
About Gladstone Investment
Corporation: Gladstone Investment Corporation is a
publicly traded business development company that seeks to make
debt and equity investments in small and medium-sized businesses in
the United States in connection with acquisitions, changes in
control and recapitalizations. The Company has paid 118 consecutive
monthly cash distributions on its common stock. Information on the
business activities of all the Gladstone funds can be found at
www.gladstonecompanies.com.
CONTACT: Investor Relations Inquiries: Please call +1-703-287-5893
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