By Stephanie N. Rotondo
Seattle, Aug. 2 – Gladstone Commercial Corp. priced $30.75 million additional 7% series D cumulative redeemable preferred stock (Nasdaq: GOODM) on Tuesday, the company said in a press release.
The preferreds were sold via a registered direct offering at $24.75 per share, a 3% discount to Monday’s closing share price of $25.51. The new issuance brings the total amount outstanding to $62.4 million.
CSCA Capital Advisors LLC is the placement agent. Weeden & Co. LLP is settlement agent.
Dividends will be declared quarterly and payable monthly. The preferreds become redeemable May 25, 2021 at par plus accrued dividends.
There is also a change-of-control feature.
The McLean, Va.-based real estate investment trust plans to pay down debt, to invest in additional net leased real properties in accordance with investment objectives and to pay real estate acquisition expenses, to make or invest in mortgage loans in accordance with investment objectives and for other general corporate purposes.
| Issuer: | Gladstone Commercial Corp.
|
| Securities: | Series D cumulative redeemable preferred stock
|
| Amount: | $30.75 million, or 1.23 million shares
|
| Maturity: | Perpetual
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| Placement agent: | CSCA Capital Advisors LLC
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| Dividend: | 7%
|
| Price: | $24.75
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| Liquidation preference: | $25.00
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| Call options: | On or after May 25, 2021 or upon a change of control at par plus accrued dividends
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| Pricing date: | Aug. 2
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| Settlement date: | Aug. 4
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| Stock listing: | Nasdaq: GOODM
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| Total outstanding: | $62.4 million
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