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Gladstone Investment Corp., 7.125% Series A Cumulative Term Preferred Stock
Ticker Symbol: GAINP* CUSIP: 376546206 Exchange: NGS
* NOTE: This security is no longer trading as of 9/30/2016
Security has been Called for: Friday, September 30, 2016
Sept. 19, 2016 -- Gladstone Investment Corporation (NASDAQ:GAIN) today announced the conditional redemption of all 1,600,000 outstanding shares of its 7.125% Series A Cumulative Term Preferred Stock. This optional redemption in full is contingent upon the closing of an offering of the Company's newly designated 6.25% Series D Cumulative Term Preferred Stock due 2023 on or prior to September 30, 2016, with gross proceeds to the Company equal to at least $40 million, which equals the aggregate liquidation preference of the outstanding Series A Preferred Stock. The Company may waive the contingency with respect to the redemption, may authorize a partial redemption and may cancel the redemption at its sole discretion. Notices of redemption on a conditional basis will be sent with a redemption date of September 30, 2016 at a redemption price of $25.00 per share, which represents the liquidation preference per share of Series A Preferred Stock. As previously announced on July 12, 2016, the Company will pay the cash dividend on the Series A Preferred Stock of $0.1484375 for the month of September to holders of Series A Preferred Stock as of September 21, 2016, which is the record date for such dividend, on September 30, 2016.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Gladstone Investment Corp., 7.125% Series A Cumulative Term Preferred Stock, liquidation preference $25 per share, redeemable at the issuer's option on or after 2/28/2016 at $25 per share plus accrued and unpaid dividends, and mandatorily redeemable on 2/28/2017 at $25 per share plus accrued and unpaid dividends. Cumulative distributions of 7.125% ($1.78125) per annum are paid monthly on the last 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 at least 2 business days prior to the record date). The company is also 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%. The dividends on the Series A Term Preferred Stock will not qualify for the dividend received deduction or for taxation as qualified dividend income (see page S-7 of the prospectus). In regard to the payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds 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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Stock
Exchange |
Cpn Rate
Ann Amt |
LiqPref
CallPrice |
Call Date
Matur Date |
Moodys/S&P
Dated |
Distribution Dates |
15%
Tax Rate |
NGS
Chart
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7.13%
$1.78125
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$25.00
$25.00
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Called for
9/30/2016
2/28/2017
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NF NF
11/18/2015
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Last business day of each month
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
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No
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Go to Parent Company's Record (GAIN)
IPO - 2/29/2012 - 1.40 Million Shares @ $25.00/share.
Link to IPO Prospectus
Market Value $42.3 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 200, 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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