Gladstone Commercial Corporation Prices Public Offering of 7.0% Series D Cumulative Redeemable Preferred Stock
May 20 2016 - 3:01PM
Gladstone Commercial Corporation (NASDAQ:GOOD) (the “Company”)
today announced the pricing of a registered direct placement of
1,043,725 shares of its 7.0% Series D Cumulative Redeemable
Preferred Stock (the “Series D Preferred Stock”) at an offering
price of $25.00 per share to select institutional and retail
investors. The Series D Preferred Stock is a new series of
preferred stock that will rank on parity with the Company’s
outstanding 7.75% Series A Cumulative Redeemable Preferred Stock
(the “Series A Preferred Stock”), 7.5% Series B Cumulative
Redeemable Preferred Stock (the “Series B Preferred Stock”) and
7.125% Series C Cumulative Term Preferred Stock (the “Series C
Preferred Stock”). The Company has applied to list the shares
of Series D Preferred Stock on NASDAQ’s Global Select Market, which
are expected to trade under the symbol “GOODM.”
The Company expects to receive net proceeds, after placement
fees, of approximately $25.3 million. The offering is
expected to close on or about May 25, 2016, subject to satisfaction
of customary closing conditions. The Company will use the
proceeds of the offering to fund the partial redemption of its
Series C Preferred Stock. The redemption will be contingent
upon the closing of the Series D Preferred Stock offering.
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 98 properties located in 24 states,
totaling approximately 11.0 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 and the redemptions. 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.
Investor Relations Inquiries: Please visit www.gladstone.com or +1-703-287-5893.
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