By Stephanie N. Rotondo
Seattle, May 20 – Gladstone Commercial Corp. sold $26.09 million of 7% series D cumulative redeemable preferred stock via a registered direct placement, the company said in a press release on Friday.
Price talk was 6.75% to 7%, according to a regulatory filing.
CSCA Capital Advisors LLC is the placement agent. Weeden & Co. LLP is the settlement agent.
Dividends will be declared quarterly and payable monthly.
The McLean, Va.-based real estate investment trust plans to use proceeds for a partial redemption of its 7.125% series C cumulative term preferreds.
The redemption is contingent upon closing the offering of the series D preferreds.
| Issuer: | Gladstone Commercial Corp.
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| Securities: | Series D cumulative redeemable preferred stock
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| Amount: | $26.09 million, or 1.04 million shares
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| Distribution: | Registered direct placement
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| Placement agent: CSCA Capital Advisors LLC
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| Settlement agent: Weeden & Co. LLC
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| Dividend: | 7%
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| Talk: | 6.75% to 7%
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| Price: | Par of $25
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| Yield: | 7%
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| Pricing date: | May 20
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| Settlement date: | May 25
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| Expected listing: Nasdaq: GOODM
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