By Rebecca Melvin
Concord, N.H., June 22 – Gladstone Commercial Corp. priced $100 million of 6% series G cumulative redeemable perpetual preferred stock on Monday, according to an FWP filed with the Securities and Exchange Commission.
The $25-par securities are callable beginning June 28, 2026 for par plus accumulated dividends up to but not including the redemption date.
Dividends will be payable on the last day of each month, beginning July 31.
Stifel Nicolaus & Co. Inc., Goldman Sachs & Co. LLC, B. Riley Securities Inc. and Robert W. Baird & Co. Inc. were joint bookrunning managers.
The company has applied to list the preferreds on the Nasdaq under the symbol “GOODO.”
The equity real estate investment trust is based in Virginia.
| Issuer: | Gladstone Commercial Corp.
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| Description: | Series G cumulative redeemable perpetual preferred shares
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| Amount: | $100 million, or 4 million shares
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| Maturity: | Perpetual
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| Bookrunners: | Stifel Nicolaus & Co. Inc., Goldman Sachs & Co. LLC, B. Riley Securities Inc. and Robert W. Baird & Co. Inc.
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| Co-managers: | Janney Montgomery Scott LLC, Ladenburg Thalmann & Co. Inc., Colliers Securities LLC and Wedbush Securities Inc.
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| Dividend: | 6%
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| Price: | Par of $25.00
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| Yield: | 6%
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| Call option: | In whole or in part at any time on or after June 28, 2026 for par plus accumulated dividends, or upon a change-of-control or delisting event
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| Pricing date: | June 21
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| Settlement date: | June 28
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| Listing: | Nasdaq: GOODO
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