Gladstone Investment to repay credit facility with $25-par notes

By Mary-Katherine Stinson

Lexington, Ky., May 23 – Gladstone Investment Corp. plans to repay a portion of the outstanding amount under its credit facility with proceeds from a new issue of $25-par notes due Aug. 1, 2028, according to multiple filings with the Securities and Exchange Commission.

As of May 22, there was approximately $49.8 million of debt outstanding under the facility.

Advances under the facility generally bear interest at SOFR plus CSA of 11 basis points plus 285 bps annually until Feb. 28, 2024, when interest rate on advances will transition to a base rate plus 310 bps through Feb. 28, 2025 and then finally increasing to a base rate plus 335 bps through maturity on Feb. 28, 2026.

Gladstone is an externally managed closed-end non-diversified management investment company based in McLean, Va.

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