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Gladstone Investment Corp., 6.75% Series B Cumulative Term Preferred Stock
Ticker Symbol: GAINO* CUSIP: 376546305 Exchange: NGS
* NOTE: This security is no longer trading as of 8/31/2018
Security has been Called for: Friday, August 31, 2018
Aug. 15, 2018 -- Gladstone Investment Corporation today announced that it plans to redeem all of its outstanding shares of its 6.75% Series B Cumulative Term Preferred Stock due 2021 and its 6.50% Series C Cumulative Term Preferred Stock due 2023, contingent upon the Company’s successful completion of the public offering of its newly designated 6.375% Series E Cumulative Term Preferred Stock due 2025. The Company intends to use the net proceeds from the offering of its Series E Term Preferred Stock plus borrowings under its credit facility, as necessary, to redeem all outstanding shares of its Series B Term Preferred Stock and its Series C Term Preferred Stock. A notice of redemption on a conditional basis will be mailed to all registered holders of the Series B Term Preferred Stock and Series C Term Preferred Stock by Computershare, Inc., as the Redemption and Paying Agent, in accordance with the requirements of the Company’s Certificates of Designation of Series B Term Preferred Stock and Series C Term Preferred Stock, respectively. The anticipated redemption date is August 31, 2018 at a redemption price of $25.00 per share, which represents the liquidation preference per share, and such redemption price payment shall be made after the payment of the August dividend to the Series B Term Preferred Stock and Series C Term Preferred Stock holders of record on August 21, 2018. ____________ Aug. 14, 2018 -- Gladstone Investment Corporation today announced that it plans to sell shares of its newly designated Series E Cumulative Term Preferred Stock due 2025 in an underwritten public offering. The Company intends to use the net proceeds from this offering plus borrowings under its credit facility, as necessary, to redeem outstanding shares of its 6.75% Series B Cumulative Term Preferred Stock and its 6.50% Series C Cumulative Term Preferred Stock and for other general corporate purposes.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Gladstone Investment Corp., 6.75% Series B Cumulative Term Preferred Stock, liquidation preference $25 per share, redeemable at the issuer's option on or after 12/31/2017 at $25 per share plus accrued and unpaid dividends, and mandatorily redeemable on 12/31/2021 at $25 per share plus accrued and unpaid dividends. Cumulative distributions of 6.75% ($1.6875 per annum or $0.140625 per month) will be paid monthly on the last business day of each month to holders of record on the record date fixed by the board, not more than 20 days or less than 7 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). The company is required to redeem the preferred at $25 per share plus accrued and unpaid dividends upon the occurrence of a change of control or if they fail to maintain an asset coverage ratio of 200% (see page S-6 of the prospectus for further details). If the Company fails to redeem the preferred pursuant to the mandatory redemption required on 12/31/2021, or in any other circumstance in which the issuer is required to redeem the shares, then the Fixed Dividend Rate will increase by four percent (4%) for so long as such failure continues (see prospectus for further information). If a Change of Control Triggering Event occurs the issuer will be required to redeem all of the outstanding shares at $25 plus an amount equal to accumulated but unpaid dividends (see prospectus for further information). The dividends on the Series B Term Preferred Stock will not qualify for the dividend received deduction or for taxation as qualified dividend income (see page S-73 of the prospectus for further information). This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Stock Exchange |
Cpn Rate Ann Amt |
LiqPref CallPrice |
Call Date Matur Date |
Moodys/S&P Dated |
Distribution Dates |
15% Tax Rate |
NGS
Chart
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6.75%
$1.6875
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$25.00
$25.00
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Called for
8/31/2018
12/31/2021
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NF NF
12/29/2017
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Last business day of each month
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
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No
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Go to Parent Company's Record (GAIN)
IPO - 11/5/2014 - 1.44 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: GDVPP Changed: 11/13/2014
Market Value $36.0 Million
Company's Online Information Links
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Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Address and Phone Numbers |
Address: 1521 Westbranch Drive, Suite 100, McLean, VA 22102 |
Main Phone Number |
703-287-5800 |
Fax Number |
Not Available |
Investor Relations
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703-287-5893
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CEO - David Gladstone |
CFO - Julia Ryan |
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Gladstone Land Corp., 6.00% Series B Cumulative Redeemable Preferred Stock
Ticker Symbol: LANDO CUSIP: 376549309 Exchange: NGM
QUANTUMONLINE.COM SECURITY DESCRIPTION: Gladstone Land Corp., 6.00% Series B Cumulative Redeemable Preferred Stock, liquidation preference $25 per share, redeemable at the issuer's option prior to the later of (1) the one year anniversary of the Termination Date and (2) 1/10/2022 06/01/22, and with no stated maturity. Cumulative distributions of 6.00% per annum ($1.50 per annum or $0.125 per month) will be payable monthly in arrears, on or about the last business day of each month or such later date as our Board of Directors may designate to holders of record on the record date fixed by the board, not more than 20 days or less than 7 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). Dividends paid by preferreds issued by REITs are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. Annual Redemption Option, commencing on 12/31/2018 and terminating on the earlier to occur of (1) 12/31/2022 and (2) the date on which shares of the Series B Preferred Stock are listed on a national securities exchange, holders of the Preferred Stock may, at their option, redeem any or all of their shares of Preferred Stock for a cash payment of $23.50 per share on the last business day of each calendar year (Stockholder Redemption Date). This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (LAND)
Notes: Note the terms were ammended to: The Company may not redeem the new Series B Preferred Stock prior to the later of (i) the first anniversary of the Termination Date (as defined in the Articles Supplementary) and (ii) June 1, 2022 (except in limited circumstances relating to the Company’s continuing qualification as a real estate investment trust). On and after the later of (x) the first anniversary of the Termination Date and (y) June 1, 2022, the Company may, at its option, redeem the new Series B Preferred Stock, in whole or in part, at any time or from time to time, by payment of the Liquidation Preference, plus any accumulated and unpaid dividends up to but excluding the date of redemption. The offering of Series B Preferred Stock terminated on March 9, 2020, the date on which last remaining shares were sold to investors.
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IPO - 1/10/2018 - 6.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: GDVPP Changed: 10/20/2020
Market Value $150.0 Million
Click for current LANDO price quote from the NASDAQ
Company's Online Information Links
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Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Address and Phone Numbers |
Address: 1521 Westbranch Drive, Suite 100, McLean, VA 22102 |
Main Phone Number |
703-287-5800 |
Fax Number |
Not Available |
Investor Relations
|
703-287-5893
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CEO - David J. Gladstone |
CFO - Lewis Parrish |
Find a problem? Please use our Feedback Page or Email us.
Have you filled out our Guestbook? If not, please do.
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