Gladstone Capital to redeem all 7.125% preferreds for $38.69 million

By Tali Rackner

Norfolk, Va., May 21 - Gladstone Capital Corp. will redeem all 1,539,882 outstanding shares of its 7.125% series 2016 term preferred stock, according to an 8-K filing with the Securities and Exchange Commission.

The preferreds will be redeemed on May 23 at $25.125 per share plus accrued dividends of $0.00989583 per share for a total payment of $25.13489583 per share.

The company previously announced its intention to redeem the preferreds contingent upon its successful completion of a public offering of an additional series of term preferred shares resulting in enough proceeds to fund the redemption.

The company settled $61 million of 6.75% series 2021 term preferreds shares on Wednesday.

Gladstone Capital is a McLean, Va.-based specialty finance company.

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