Gladstone Commercial Corporation Prices Offering of 7.0% Series D Cumulative Redeemable Preferred Stock
August 02 2016 - 8:03AM
Gladstone Commercial Corporation (NASDAQ:GOOD) (the “Company”)
today announced the pricing of a registered direct placement of
1,230,000 shares of its 7.0% Series D Cumulative Redeemable
Preferred Stock (the “Series D Preferred Stock”) to select
institutional and retail investors.
1,267,968 shares of Series D Preferred Stock were outstanding
prior to this offering and 2,497,968 shares of Series D Preferred
Stock will be outstanding following the offering, representing an
aggregate liquidation value of $62.4 million. The Series D
Preferred Stock ranks on parity with the Company’s outstanding
7.75% Series A Cumulative Redeemable Preferred Stock, 7.5% Series B
Cumulative Redeemable Preferred Stock and 7.125% Series C
Cumulative Term Preferred Stock. Shares of the Series D
Preferred Stock are listed on NASDAQ’s Global Select Market under
the trading symbol “GOODM.”
The Company expects to receive net proceeds, after placement
fees, of approximately $29.8 million. The offering is
expected to settle on or about August 4, 2016, subject to
satisfaction of customary closing conditions. The Company
will use the proceeds of the offering to pay down debt, invest in
additional net leased real properties in accordance with the
Company’s investment objectives and to pay real estate acquisition
expenses, to make or invest in mortgage loans in accordance the
Company’s investment objectives and for other general corporate
purposes.
CSCA Capital Advisors, LLC acted as placement agent and Weeden
& Co. LLP will serve as settlement agent for the
transaction.
The shares of Series D Preferred Stock were offered pursuant to
a prospectus supplement and accompanying prospectus under a shelf
registration statement that has been filed previously with the
Securities and Exchange Commission (the “SEC”), which was declared
effective on February 1, 2016. Prospective investors should read
the prospectus supplement and the accompanying prospectus included
in the registration statement and other documents the Company has
filed with the SEC for more complete information about the Company
and the offering of the Series D Preferred Stock. Copies of
these documents may be obtained by contacting CSCA Capital
Advisors, 800 Third Avenue, New York, New York 10022, by phone at
212-446-9177, or by fax at 212-446-9181.
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
other jurisdiction.
About Gladstone Commercial Corporation:
Gladstone Commercial is a real estate investment trust focused on
acquiring, owning and operating net leased industrial and office
properties across the United States. Gladstone Commercial’s real
estate portfolio consists of 99 properties located in 24 states,
totaling approximately 11.1 million square feet. For additional
information please visit www.gladstonecommercial.com.
Forward-Looking Statements
This press release contains certain forward-looking statements,
which are based upon the Company’s current expectations and are
inherently uncertain, including forward-looking statements with
respect to the offering. Any such statements other than statements
of historical fact are likely to be affected by other unknowable
future events and conditions, including elements of the future that
are or are not under the Company’s control, and that the Company
may or may not have considered; accordingly, such statements cannot
be guarantees or assurances of any aspect of future performance.
Actual performance and results could vary materially from these
estimates and projections of the future. Such statements speak only
as of the time when made and are based on information available to
the Company as of the date hereof and are qualified in their
entirety by this cautionary statement. The Company assumes no
obligation to revise or update any such statement now or in the
future. For further discussion of the factors that could affect
outcomes, please refer to the “Risk Factors” section of the
prospectus supplement and accompanying prospectus filed by the
Company with the SEC, and the documents incorporated therein by
reference, and in the Company’s annual and periodic reports and
other documents filed with the SEC, copies of which are available
on the SEC’s website, www.sec.gov.
Investor Relations Inquiries: Please visit www.gladstone.com or +1-703-287-5893.
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