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Gladstone Capital Corp., 6.75% Series 2021 Term Cumulative Preferred Stock
Ticker Symbol: GLADO* CUSIP: 376535308 Exchange: NGS
* NOTE: This security is no longer trading as of 9/29/2017
Security has been Called for: Friday, September 29, 2017
9/25/2017 -- A QOL user has received a notice from Fidelity that GLADO has been called for 9/29/2017. We can find no information to confirm the call but are assuming that the information is correct. ____________ Sept. 19, 2017 -- Gladstone Capital Corporation today announced that it plans to sell shares of its newly designated Series 2024 Term Preferred Stock in an underwritten public offering. The Company intends to use the net proceeds from this offering plus borrowings under its credit facility to redeem all outstanding shares of its 6.75% Series 2021 Term Preferred Stock. Such voluntary redemption will be contingent upon the Company's successful completion of the public offering of its Series 2024 Term Preferred Stock.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Gladstone Capital Corp., 6.75% Series 2021 Term Cumulative Preferred Stock, liquidation preference $25 per share. The company is required to redeem all of the outstanding Series 2021 Term Preferred Shares on 6/30/2021 at a redemption price equal to $25 per share plus an amount equal to accumulated but unpaid dividends to the date of redemption. The Issuer will also be required to redeem all of the outstanding shares up to the date of redemption in certain events that constitute a change of control of the company. If the issuer fails to redeem the shares pursuant to the mandatory redemption required on 6/30/2021, or in any other circumstance in which is required to redeem the shares, then the Fixed Dividend Rate will increase by four percent for so long as such failure continues (see prospectus for detailed information). At any time on or after 6/30/2017 the issuer, at their option, may redeem the shares at a redemption price per share equal to the sum of the $25 liquidation preference per share plus an amount equal to accumulated but unpaid dividends. Cumulative distributions of 6.75% per annum ($1.6875 per annum or $0.140625 per month) will be paid monthly on the last Business Day of the month of the Dividend Period to holders of record on the record date fixed by the board, not more than 20 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is at least 2 business days prior to the record date). If the issuer fails to maintain an Asset Coverage ratio of at least 200% as of the close of business on any Business Day on which Asset Coverage is required to be calculated then the issuer is required to redeem, within 90 calendar days, shares of Preferred Stock (see prospectus for detailed information). Dividends paid by the preferred are taxable as ordinary income and 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 (see page 133 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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Go to Parent Company's Record (GLAD)
IPO - 5/13/2014 - 2.20 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: GLAXP Changed: 5/16/2014
Market Value $55.0 Million
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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 200, 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 - Melissa Morrison |
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