Gladstone Investment greenshoe increases preferreds to $40.25 million

By Angela McDaniels

Tacoma, Wash., May 11 – The underwriters of Gladstone Investment Corp.’s 6.5% series C cumulative term preferred stock exercised their $5.25 million over-allotment option in full, increasing the size of the issue to $40.25 million from $35 million.

The preferreds priced May 6 and were expected to settle May 12.

Janney Montgomery Scott LLC is the bookrunner. Co-lead managers include J.J.B. Hilliard, W.L. Lyons, LLC, Wunderlich Securities, William Blair & Co. and Ladenburg Thalmann & Co. Inc.

The preferreds are optionally redeemable on May 31, 2018 and mandatorily redeemable on May 31, 2022, in each case at par of $25.

Proceeds will be used to repay credit facility borrowings, to fund investments and for general corporate purposes.

Gladstone is a McLean, Va.-based specialty finance company.

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