Gladstone Investment Corporation Announces Notes Offering
Gladstone Investment (Nasdaq:GAIN) has announced plans for a public offering of Notes due 2030. The Notes are expected to be listed on the Nasdaq Global Select Market under the symbol 'GAINI' within 30 days of issuance.
The offering will be managed by joint book-runners Oppenheimer & Co. Inc., B. Riley Securities, Inc., Lucid Capital Markets, and Piper Sandler & Co, with InspereX , Janney Montgomery Scott and Wedbush Securities Inc. serving as co-managers.
The company plans to use the proceeds to repay a portion of its revolving credit facility, fund new investment opportunities, and for general corporate purposes. The offering is being conducted under the company's effective shelf registration with the SEC (File No. 333-277452).
Gladstone Investment (Nasdaq:GAIN) ha annunciato piani per un’offerta pubblica di Note con scadenza nel 2030. Si prevede che le Note saranno quotate sul Nasdaq Global Select Market con il simbolo 'GAINI' entro 30 giorni dall’emissione.
L’offerta sarà gestita dai book-runner congiunti Oppenheimer & Co. Inc., B. Riley Securities, Inc., Lucid Capital Markets e Piper Sandler & Co, con InspereX, Janney Montgomery Scott e Wedbush Securities Inc. che fungeranno da co-manager.
La società prevede di utilizzare i proventi per rimborsare una parte della sua linea di credito revolving, finanziare nuove opportunità di investimento e per scopi aziendali generali. L’offerta è condotta sotto la registrazione shelf effettiva della società presso la SEC (File No. 333-277452).
Gladstone Investment (Nasdaq:GAIN) ha anunciado planes para una oferta pública de Notas con vencimiento en 2030. Se espera que las Notas se coticen en el Nasdaq Global Select Market bajo el símbolo 'GAINI' en un plazo de 30 días a partir de la emisión.
La oferta será gestionada por los book-runners conjuntos Oppenheimer & Co. Inc., B. Riley Securities, Inc., Lucid Capital Markets y Piper Sandler & Co, con InspereX, Janney Montgomery Scott y Wedbush Securities Inc. como co-gestores.
La empresa planea utilizar los ingresos para pagar una parte de su línea de crédito revolving, financiar nuevas oportunidades de inversión y para fines corporativos generales. La oferta se lleva a cabo bajo la inscripción shelf efectiva de la empresa ante la SEC (File No. 333-277452).
글래드스톤 투자 (Nasdaq:GAIN)는 2030년 만기 예정인 노트의 공개 발행 계획을 발표했습니다. 이 노트는 발행 후 30일 이내에 'GAINI'라는 기호로 Nasdaq Global Select Market에 상장될 예정입니다.
이번 공모는 오펜하이머 & Co. Inc., B. 라일리 증권, 루시드 캐피탈 마켓, 그리고 파이퍼 샌들러 & Co가 공동 주관하며, 인스퍼렉스, 제니 몬트고메리 스콧, 웨드부시 증권이 공동 관리자로서 역할을 합니다.
회사는 수익금을 회전 신용 한도의 일부를 상환하고, 새로운 투자 기회를 자금 조달하며, 일반 기업 목적에 사용하려고 계획하고 있습니다. 이번 공모는 SEC(파일 번호 333-277452)의 유효 선반 등록에 따라 진행됩니다.
Gladstone Investment (Nasdaq:GAIN) a annoncé des projets pour une offre publique d'Obligations arrivant à échéance en 2030. Les Obligations devraient être cotées sur le Nasdaq Global Select Market sous le symbole 'GAINI' dans les 30 jours suivant leur émission.
L'offre sera gérée par les Book-Runners conjoints Oppenheimer & Co. Inc., B. Riley Securities, Inc., Lucid Capital Markets et Piper Sandler & Co, avec InspereX, Janney Montgomery Scott et Wedbush Securities Inc. en tant que co-managers.
La société prévoit d'utiliser les produits pour rembourser une partie de sa ligne de crédit renouvelable, financer de nouvelles opportunités d'investissement et pour des fins corporatives générales. L'offre est menée dans le cadre de l'enregistrement de shelf efficace de la société auprès de la SEC (Numéro de dossier 333-277452).
Gladstone Investment (Nasdaq:GAIN) hat Pläne für eine öffentliche Angebot von Anleihen mit Fälligkeit 2030 angekündigt. Die Anleihen sollen innerhalb von 30 Tagen nach Emission unter dem Symbol 'GAINI' am Nasdaq Global Select Market gelistet werden.
Das Angebot wird von den gemeinsamen Book-Runnern Oppenheimer & Co. Inc., B. Riley Securities, Inc., Lucid Capital Markets und Piper Sandler & Co verwaltet, während InspereX, Janney Montgomery Scott und Wedbush Securities Inc. als Co-Manager fungieren.
Das Unternehmen plant, die Erlöse zur Rückzahlung eines Teils seiner revolvierenden Kreditfazilität, zur Finanzierung neuer Investitionsmöglichkeiten und für allgemeine Unternehmenszwecke zu verwenden. Das Angebot erfolgt im Rahmen der effektiven Shelf-Registrierung des Unternehmens bei der SEC (Dateinummer 333-277452).
- New capital raising initiative through Notes offering
- Planned listing on Nasdaq Global Select Market
- Debt refinancing opportunity through revolving credit facility repayment
- Potential increase in long-term debt obligations
- Additional interest expense burden through 2030
Insights
This notes offering represents a significant financial move for Gladstone Investment The 2030 Notes issuance will provide important capital flexibility, with proceeds earmarked for reducing revolving credit facility debt and funding new investments. The involvement of multiple prominent underwriters including Oppenheimer, B. Riley Securities and Piper Sandler suggests strong institutional interest. The planned Nasdaq listing under 'GAINI' should provide good liquidity for these debt securities.
The timing aligns with the current market environment where companies are seeking to lock in longer-term debt financing. While specific terms aren't disclosed yet, this offering could help optimize GAIN's capital structure by potentially reducing interest expenses if the notes are priced favorably compared to the existing credit facility. For a BDC with
This debt offering comes at a strategic time when BDCs are actively managing their liability structures amid evolving interest rate expectations. The decision to list the notes on Nasdaq enhances transparency and tradability, which should attract a broader investor base. The syndicate's composition, featuring both major and regional investment banks, suggests a well-planned distribution strategy targeting both institutional and retail investors.
The use of proceeds for debt refinancing and new investments indicates GAIN's focus on portfolio growth while managing borrowing costs. This could positively impact the company's investment capacity and potentially its dividend sustainability. The shelf registration framework provides efficiency in execution, though investors will need to await pricing details to fully assess the impact on GAIN's cost of capital.
MCLEAN, VA / ACCESSWIRE / December 9, 2024 / Gladstone Investment Corporation (Nasdaq:GAIN) (the "Company") today announced that it plans to make a public offering of Notes due 2030 (the "Notes"). The Company expects to list the Notes on the Nasdaq Global Select Market under the trading symbol "GAINI" within 30 days of issuance. Oppenheimer & Co. Inc., B. Riley Securities, Inc., Lucid Capital Markets, LLC and Piper Sandler & Co. are acting as joint book-running managers for this offering. InspereX LLC, Janney Montgomery Scott LLC and Wedbush Securities Inc. are acting as co-managers for this offering.
The Company intends to repay a portion of the amount outstanding under its revolving credit facility, to fund new investment opportunities, and for other general corporate purposes.
Investors are advised to carefully consider the investment objectives, risks and charges and expenses of the Company before investing. The preliminary prospectus supplement, dated December 9, 2024, and the accompanying prospectus, dated April 18, 2024, which have been filed with the U.S. Securities and Exchange Commission (the "SEC"), contain this and other information about the Company and should be read carefully before investing.
The offering is being conducted as a public offering under the Company's effective shelf registration filed with the SEC (File No. 333-277452).
To obtain a copy of the preliminary prospectus supplement for this offering and the accompanying prospectus, please contact: Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY 10004, by telephone at (212) 667-8055, or by email at EquityProspectus@opco.com.
The information in the preliminary prospectus supplement, the accompanying prospectus and this press release is not complete and may change. 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 Investment Corporation: Gladstone Investment Corporation is a publicly traded business development company that seeks to make secured debt and equity investments in lower middle market businesses in the United States in connection with acquisitions, changes in control and recapitalizations.
Forward-Looking Statements
This press release contains statements as to the Company's intentions and expectations of the outcome of future events that are forward-looking statements. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These statements relate to the offering of Notes and the anticipated use of the net proceeds by the Company. No assurance can be given that the transaction discussed above will be completed on the terms described, or at all. Completion of the offering on the terms described are subject to numerous conditions, many of which are beyond the control of the Company. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. For a description of certain risks to which the Company is or may be subject, please refer to the factors discussed under the captions "Forward-Looking Statements" and "Risk Factors" included in the Company's filings with the SEC (accessible at www.sec.gov).
CONTACT: For further information: Gladstone Investment Corporation, (703) 287-5893
SOURCE: Gladstone Investment Corporation
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FAQ
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