Gladstone Investment to redeem series E preferreds via notes due 2028

By Marisa Wong

Los Angeles, Aug. 11 – Gladstone Investment Corp. intends to redeem its series E term preferred stock using proceeds from an offering of $25-par notes due Nov. 1, 2028, according to a 424B2 filing with the Securities and Exchange Commission.

As of Aug. 9, Gladstone had $94.4 million liquidation preference of the series E term preferreds outstanding. The series E preferreds pay a fixed dividend of 6.375% per year, is subject to optional redemption and has a mandatory redemption date of Aug. 31, 2025.

Proceeds from the new notes will also be used to repay a portion of the amount outstanding under the company’s credit facility, to fund new investment opportunities and for other general corporate purposes.

Gladstone is an externally managed closed-end non-diversified management investment company based in McLean, Va.

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