Gladstone greenshoe increases 6.375% preferreds to $74.75 million

By Wendy Van Sickle

Columbus, Ohio, Aug. 22 – Underwriters for Gladstone Investment Corp.’s 6.375% $25-par series E cumulative term preferred stock due 2025 fully exercised their $9.75 million greenshoe, lifting the total deal size to $74.75 million, according to a press release.

As previously reported, the company priced $65 million of the preferred stock on Aug. 15.

BMO Capital Markets Corp., Janney Montgomery Scott LLC and Ladenburg Thalmann & Co. Inc. are the joint bookrunners. B. Riley FBR, Inc. is a lead manager.

The preferreds are redeemable after two years at par.

Gladstone plans to use the proceeds to redeem all outstanding shares of its series B term preferred stock and series C term preferred stock.

The company intends to list the preferreds on the Nasdaq under the symbol “GAINL.”

Gladstone Investment is a McLean, Va.-based private equity fund.

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