The Company confirmed that effective August 19, 2021, pursuant to the terms of the Certificate of Designation of the 6.375% Series E Cumulative Term Preferred Stock due 2025, it voluntarily redeemed all outstanding shares of its 6.375% Series E Cumulative Term Preferred Stock due 2025, $0.001 par value per share (the 'Series E Term Preferred Stock'), at a redemption price of $25.079687500 per share, which represents the liquidation preference of $25.00 per share plus $0.079687500 in accrued and unpaid dividends up to, but excluding, the redemption date, or an aggregate redemption price of approximately $94.7 million.
The Company previously announced its intention to redeem the Series E Term Preferred Stock contingent upon the Company's successful completion of the public offering of its 4.875% Notes due 2028 (the '2028 Notes'),which was completed on August 18, 2021. Net proceeds from the 2028 Notes offering, following the underwriters' exercise of their overallotment option, totaled approximately $130.2 million, after payment of underwriting discounts, commissions and estimated offering expenses, and was sufficient to redeem all outstanding shares of Series E Term Preferred Stock on August 19, 2021.
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Gladstone Investment Corporation published this content on 20 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 August 2021 13:43:05 UTC.
Gladstone Investment Corporation is an externally managed, closed-end, non-diversified management investment company. The Companyâs investment objectives are to achieve and grow current income by investing in debt securities of established businesses that it believes will provide stable earnings and cash flow to pay expenses, make principal and interest payments on its outstanding indebtedness and make distributions to stockholders that grow over time, and provide 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, that it believe can grow over time to permit them to sell its equity investments for capital gains. It has investments in sectors, such as diversified/conglomerate services; home and office furnishings, housewares, and durable consumer products, and others. Its investment advisor is Gladstone Management Corporation.