Gladstone Investment Corporation Launches New Term Preferred Stock Offering
September 19 2016 - 8:58AM
Gladstone Investment Corporation (NASDAQ:GAIN) (the “Company”)
today announced that it plans to sell shares of its newly
designated Series D Cumulative Term Preferred Stock due 2023 (the
“Series D 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 D Term Preferred Stock on the same terms and conditions
solely to cover over-allotments, if any. Janney Montgomery Scott
LLC is serving as the sole book-running manager. J.J.B. Hilliard,
W.L. Lyons, LLC, Ladenburg Thalmann & Co. Inc., a
subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE
MKT:LTS), and Wunderlich Securities, Inc. are serving as co-lead
managers of the offering. William Blair & Company, L.L.C.
and Maxim Group LLC are serving as co-managers of the offering.
The Company intends to use the net proceeds from this offering
to redeem outstanding shares of its 7.125% Series A Cumulative Term
Preferred Stock, to pay down debt under its revolving line of
credit and for other general corporate purposes.
Investors are advised to carefully consider the
investment objectives, risks and charges and expenses of the
Company before investing. The preliminary prospectus supplement and
the accompanying prospectus, dated September 19, 2016, which have
been filed with the Securities and Exchange Commission, contain
this and other information about the Company and should be read
carefully before investing.
The offering is being conducted as a public offering under the
Company’s effective shelf registration filed with the Securities
and Exchange Commission (File No. 333-204996). To
obtain a copy of the preliminary prospectus supplement for this
offering and the accompanying prospectus, please contact: 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 134 consecutive monthly
cash distributions on its common stock.
CONTACT: Investor Relations Inquiries: Please call +1-703-287-5893
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