Gladstone Investment Announces Intent to Redeem All Outstanding Shares of Existing Series B Term Preferred Stock and Series C...
August 15 2018 - 9:01AM
Gladstone Investment Corporation (NASDAQ: GAIN) (the “Company”)
today announced that it plans to redeem all of its outstanding
shares of its 6.75% Series B Cumulative Term Preferred Stock due
2021 (the “Series B Term Preferred Stock”) and its 6.50% Series C
Cumulative Term Preferred Stock due 2023 (the “Series C Term
Preferred Stock”), contingent upon the Company’s successful
completion of the public offering of its newly designated 6.375%
Series E Cumulative Term Preferred Stock due 2025 (the “Series E
Term Preferred Stock”). The Company intends to use the net
proceeds from the offering of its Series E Term Preferred Stock
plus borrowings under its credit facility, as necessary, to redeem
all outstanding shares of its Series B Term Preferred Stock and its
Series C Term Preferred Stock.
A notice of redemption on a conditional basis will be mailed to
all registered holders of the Series B Term Preferred Stock and
Series C Term Preferred Stock by Computershare, Inc., as the
Redemption and Paying Agent, in accordance with the requirements of
the Company’s Certificates of Designation of Series B Term
Preferred Stock and Series C Term Preferred Stock, respectively.
The anticipated redemption date is August 31, 2018 at a redemption
price of $25.00 per share, which represents the liquidation
preference per share, and such redemption price payment shall be
made after the payment of the August dividend to the Series B Term
Preferred Stock and Series C Term Preferred Stock holders of record
on August 21, 2018.
This communication does not constitute a notice of redemption
under the Certificates of Designation of Series B Term Preferred
Stock and Series C Term Preferred Stock, respectively, nor an offer
to tender for, or purchase of, any shares of Series B Term
Preferred Stock or Series C Term Preferred Stock or any other
security.
About Gladstone Investment Corporation:
Gladstone Investment Corporation is a publicly traded business
development company that seeks to make secured debt and equity
investments in lower middle market businesses in the United States
in connection with acquisitions, changes in control, and
recapitalizations. The Company has paid 157 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.
Forward-Looking Statements
This press release contains statements as to the Company’s
intentions and expectations of the outcome of future events that
are forward-looking statements. You can identify these statements
by the fact that they do not relate strictly to historical or
current facts. Forward-looking statements are not guarantees of
future performance and involve known and unknown risks,
uncertainties and other factors that may cause the actual results
to differ materially from those anticipated at the time the
forward-looking statements are made. These statements relate to the
offering of shares of Series E Term Preferred Stock and the
anticipated use of the net proceeds by the Company for the
redemption of its Series B Term Preferred Stock and its Series C
Term Preferred Stock. Completion of the transaction on the terms
described above is subject to numerous conditions, many of which
are beyond the control of the Company, and such transaction may not
be completed on the terms described, or at all. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law. For a
description of certain risks to which the Company is or may be
subject, please refer to the factors discussed under the captions
“Forward-Looking Statements” and “Risk Factors” included in the
Company’s filings with the Securities and Exchange Commission
(accessible at www.sec.gov).
CONTACT: Investor Relations Inquiries: Please call
+1-703-287-5893
Gladstone Investment (NASDAQ:GAIN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Gladstone Investment (NASDAQ:GAIN)
Historical Stock Chart
From Apr 2023 to Apr 2024