Gladstone to redeem $40 million 7.125% series A preferreds Sept. 30

By Marisa Wong

Morgantown, W.Va., Sept. 19 – Gladstone Investment Corp. said it plans to redeem all 1.6 million outstanding shares of its 7.125% series A cumulative term preferred stock on Sept. 30 at the liquidation preference of $25.00 per share.

This optional redemption is contingent on the closing of an offering of newly designated 6.25% series D cumulative term preferred stock due 2023 on or before Sept. 30 for proceeds of at least $40 million, which is the aggregate liquidation preference of the outstanding series A preferreds.

As announced on July 12, the company will pay the cash dividend on the series A preferreds of $0.1484375 for the month of September on Sept. 30. The record date is Sept. 21.

Gladstone is a McLean, Va.-based real estate investment trust.

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