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Gladstone Investment Corp., 6.25% Series D Cumulative Term Preferred Stock
Ticker Symbol: GAINM* CUSIP: 376546503 Exchange: NGS
* NOTE: This security is no longer trading as of 3/03/2021
Security has been Called for: Wednesday, March 3, 2021
February 23, 2021 -- Gladstone Investment Corporation (NASDAQ:GAIN) (the "Company") today announced that it plans to redeem all outstanding shares of its 6.25% Series D Cumulative Term Preferred Stock due 2023 (the "Series D Term Preferred Stock"), contingent upon the Company's successful completion of its previously announced public offering of unsecured notes.
A notice of redemption on a conditional basis will be mailed to all registered holders of the Series D Term Preferred Stock by Computershare, Inc., as the Redemption and Paying Agent, in accordance with the requirements of the Company's Certificates of Designation of Series D Term Preferred Stock. The anticipated redemption date is March 3, 2021 at a redemption price of $25.00 per share, which represents the liquidation preference per share, plus an amount equal to all unpaid dividends and distributions on such share of Series D Term Preferred Stock accumulated up to, but excluding, the date of redemption (whether or not earned or declared by the Company, but excluding interest thereon).
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Gladstone Investment Corp., 6.25% Series D Cumulative Term Preferred Stock, liquidation preference $25 per share, redeemable at the issuer's option on or after 9/30/2018 at $25 per share plus accrued and unpaid dividends, and mandatorily redeemable on 9/30/2023 at $25 per share plus accrued and unpaid dividends. Cumulative distributions of 6.25% ($1.5625 per annum or $0.130208 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% (see the prospectus for further details). If the Company fails to redeem the preferred pursuant to the mandatory redemption required on 9/30/2023, 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 D Term Preferred Stock will not qualify for the dividend received deduction or for taxation as qualified dividend income (see page S-9 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 - 9/19/2016 - 2.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: GADDP Changed: 9/27/2016
Market Value $50.0 Million
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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