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Gladstone Investment Corp., 6.375% Series E Cumul Term Prfrd Stock due 8/31/2025
Ticker Symbol: GAINL* CUSIP: 376546602 Exchange: NGS
* NOTE: This security is no longer trading as of 8/19/2021
Security has been Called for: Thursday, August 19, 2021
August 11, 2021 -- Gladstone Investment Corporation (NASDAQ:GAIN) (the “Company”) today announced that it plans to redeem all of the outstanding shares of its 6.375% Series E Cumulative Term Preferred Stock due 2025, contingent upon the Company's successful completion of the public offering of unsecured notes. The Company intends to use the net proceeds from the offering of unsecured notes to redeem all outstanding shares of its Series E Term Preferred Stock.
A notice of redemption on a conditional basis will be mailed to all registered holders of the Series E Term Preferred Stock by Computershare, Inc., as the Redemption and Paying Agent, in accordance with the requirements of the Company's Certificate of Designation of Series E Term Preferred Stock. The anticipated redemption date is August 19, 2021 at a redemption price of $25.079687500 per share, which represents the liquidation preference of $25.00 per share plus $0.079687500 in accrued and unpaid dividends up to, but excluding, the redemption date.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Gladstone Investment Corp., 6.375% Series E Cumulative Term Preferred Stock, liquidation preference $25 per share, redeemable at the issuer's option on or after 8/31/2020 at $25 per share plus accrued and unpaid dividends, and mandatorily redeemable on 8/31/2025 at $25 per share plus accrued and unpaid dividends. Cumulative distributions of 6.375% ($1.59375 per annum or $0.1328125 per month) will be paid monthly on the last business day of each month to holders of record on the record date fixed by the board, not more than 20 days or less than 7 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). The company is required to redeem the preferred at $25 per share plus accrued and unpaid dividends upon the occurrence of a change of control or if they fail to maintain an asset coverage ratio of 200% and will be 150% effective 4/10/2019 (see the prospectus for further details). If the Company fails to redeem the preferred pursuant to the mandatory redemption required on 8/31/2025, or in any other circumstance in which the issuer is required to redeem the shares, then the Fixed Dividend Rate will increase by three percent (3.00%) for so long as such failure continues (see prospectus for further information). If a Change of Control Triggering Event occurs the issuer will be required to redeem all of the outstanding shares at $25 plus an amount equal to accumulated but unpaid dividends (see prospectus for further information). The dividends on the Series E Term Preferred Stock will not qualify for the dividend received deduction or for taxation as qualified dividend income (see page S-10 of the prospectus for further information). This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (GAIN)
IPO - 8/13/2018 - 2.60 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: GLDZP Changed: 8/23/2018
Market Value $65.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 1521 Westbranch Drive, Suite 100, McLean, VA 22102 |
| Main Phone Number |
703-287-5800 |
| Fax Number |
Not Available |
| Investor Relations
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703-287-5893
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| CEO - David Gladstone |
CFO - Julia Ryan |
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