Gladstone Commercial Corporation Announces Offering of Series E Cumulative Redeemable Preferred Stock
September 25 2019 - 9:20AM
Gladstone Commercial Corporation (Nasdaq: GOOD) (the
“Company”) today announced that it plans to sell shares of its
newly designated Series E Cumulative Redeemable Preferred Stock
(the “Series E Preferred Stock”) in an underwritten public
offering. The Company also plans to grant the underwriters a 30-day
option to purchase additional shares of Series E Preferred Stock on
the same terms and conditions.
Stifel, B. Riley FBR, D.A. Davidson & Co. and Janney
Montgomery Scott are acting as joint book-running managers of the
offering, and Ladenburg Thalmann and Wedbush Securities are serving
as co-managers of the offering.
The Company intends to use the net proceeds from this offering
to first, optionally redeem all of the outstanding shares of its
7.75% Series A Cumulative Redeemable Preferred Stock and, second,
if the Company raises sufficient proceeds, optionally redeem all of
the outstanding shares of its 7.50% Series B Cumulative Redeemable
Preferred Stock, and to use any remaining proceeds to pay down its
credit facility and for other general corporate purposes.
Such optional redemptions will be contingent upon the closing of
the Company’s Series E Preferred Stock offering.
The offering is being conducted as a public offering under the
Company’s effective shelf registration statement (File No.
333-229209) filed with the Securities and Exchange Commission (the
“SEC”). Any offer of the securities will be made exclusively by
means of a prospectus supplement and accompanying prospectus.
Copies of the preliminary prospectus supplement and accompanying
prospectus may be obtained, when available, from the SEC’s website
at www.sec.gov or by contacting: Stifel, Nicolaus & Company,
Incorporated by calling toll-free 855-300-7136 or writing to
syndprospectus@stifel.com, B. Riley FBR, Inc. by writing to
prospectuses@brileyfbr.com, D.A. Davidson & Co. by writing to
prospectusrequest@dadco.com or calling 1-800-332-5915 or Janney
Montgomery Scott LLC by writing to prospectus@janney.com or calling
215-665-4450.
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 Commercial Corporation:
Gladstone Commercial is a real estate investment trust focused on
acquiring, owning and operating net leased industrial and office
properties across the United States. As of July 30, 2019, Gladstone
Commercial’s real estate portfolio consisted of 107 properties
located in 24 states, totaling approximately 12.9 million square
feet.
Forward-Looking Statements
This press release contains certain forward-looking statements,
which are based upon the Company’s current expectations and are
inherently uncertain, including forward-looking statements with
respect to the offering, use of proceeds and the redemptions. Any
such statements other than statements of historical fact are likely
to be affected by other unknowable future events and conditions,
including elements of the future that may or may not be under the
Company’s control, and that the Company may or may not have
considered. Accordingly, no assurances can be given that the
securities offering discussed above will be completed on the terms
described, or at all, or that the net proceeds of the offering will
be used as indicated. Completion of the securities offering on the
terms described, and the application of net proceeds, are subject
to numerous conditions, including, without limitation, market
conditions and other risks and uncertainties as detailed under the
caption “Risk Factors” in the Company’s Annual Report on Form 10-K
for the fiscal year ended December 31, 2018, as filed with the SEC
on February 13, 2019 and the Company’s other filings with the SEC,
including the preliminary prospectus supplement. Any such
forward-looking statements speak only as of the time when made and
are based on information available to the Company as of such date
and are qualified in their entirety by this cautionary statement.
The Company assumes no obligation to revise or update any such
statement now or in the future.
SOURCE: Gladstone Commercial Corporation
Investor Relations Inquiries: Please call
+1-703-287-5878.
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