Brokered deal priced in November; company sells senior common stock
By Devika Patel
Knoxville, Tenn., Sept. 30 - Gladstone Commercial Corp. completed a tranche of 27,666.67 common shares as part of a private placement of stock on Sept. 29, according to an 8-K filed Thursday with the Securities and Exchange Commission.
Halcyon Capital Markets, LLC is the agent for the deal, which priced on Nov. 19. The company raised $63,405 on July 8 and $100,000 on Aug. 10. It raised $415,000 in the latest tranche.
The company is selling up to 3,333,333 senior common shares at $15.00 apiece on a best efforts basis for a total of $50 million. The per-share price represents an 11.44% premium to the Nov. 18 closing share price of $13.46.
Gladstone sold 4,227 shares in the July 8 tranche and 6,666.67 shares in the Aug. 10 tranche.
The senior common stock will pay dividends at a rate equal to $1.05 per share per annum, declared daily and paid at the rate of $0.0875 per share per month.
Proceeds will be used for investments, to repay debt, purchase preferred shares on the open market or for other general corporate purposes.
Gladstone Commercial is a real estate investment trust based in McLean, Va.
| Issuer: | Gladstone Commercial Corp.
|
| Issue: | Senior common stock
|
| Amount: | $50 million
|
| Shares: | 3,333,333
|
| Price: | $15.00
|
| Warrants: | No
|
| Agent: | Halcyon Capital Markets, LLC
|
| Pricing date: | Nov. 19
|
| Settlement date: | July 8 (for $63,405), Aug. 10 (for $100,000), Sept. 29 (for $415,000)
|
| Stock symbol: | Nasdaq: GOOD
|
| Stock price: | $13.46 at close Nov. 18
|
| Market capitalization: | $146.63 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
