Gladstone Commercial preps $25 million sale of cumulative preferreds

By Andrea Heisinger

New York, Jan. 23 - Gladstone Commercial Corp. plans to price $25 million of series C cumulative term preferred stock, according to a press release and a 424B5 filing with the Securities and Exchange Commission.

The 1 million preferreds will be priced at $25 each. There will be a $3.75 million over-allotment option.

The preferreds are non-callable until Jan. 31, 2016, and there is a mandatory redemption on Jan. 31, 2017.

Jefferies & Co., Inc. is the bookrunner. Co-managers are J.J.B. Hilliard, W.L. Lyons LLC, Wunderlich Securities Inc. and Dominick & Dominick LLC.

Proceeds will be used to repay outstanding debt under a credit line and for the acquisition of real estate.

The real estate investment trust is based in McLean, Va.

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