|
Buy (2.80 out of 4)
24th percentile
|
|
|
Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Friday, April 26, 2:41 PM
Slide #408. Gladstone Investment Corporation — Preferred Stock Offering
Company: |
Gladstone Investment Corporation (NASDAQ:GAIN) |
Date announced: |
11/5/2014 |
Shares Offered: |
1,440,000 |
Date of Pricing: |
11/5/2014 |
Price Per Share: |
$25 |
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. Preferred: GAINP
Open the GAIN Page at Preferred Stock Channel »
Open the GAIN Page at Preferred Stock Channel (in a new window) »
|
|