Gladstone Commercial Corporation Prices Public Offering of 6.625% Series E Cumulative Redeemable Preferred Stock

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[{"type":"text","content":"MCLEAN, Va., Sept. 26, 2019 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (Nasdaq: GOOD) (the “Company”) today announced that it has priced an underwritten public offering of 2,400,000 shares of its newly designated 6.625% Series E Cumulative Redeemable Preferred Stock (the “Series E Preferred Stock”) at a public offering price of $25.00 per share, raising $60.0 million in gross proceeds and approximately $57.9 million in net proceeds after payment of underwriting discounts and commissions and estimated expenses of the offering payable by the Company and exclusive of the underwriters’ option to purchase additional shares (as described below). The Company has also granted the underwriters a 30-day option to purchase 360,000 additional shares of Series E Preferred Stock on the same terms and conditions. The closing of the transaction is subject to customary closing conditions and the shares are expected to be delivered on October 4, 2019.\n Stifel, B. Riley FBR, D.A. Davidson & Co. and Janney Montgomery Scott are acting as joint book-running managers of the offering, and Ladenburg Thalmann and Wedbush Securities are serving as co-managers of the offering. The Company intends to use the net proceeds from this offering to optionally redeem all of the outstanding shares of its 7.75% Series A Cumulative Redeemable Preferred Stock and its 7.50% Series B Cumulative Redeemable Preferred Stock, and to use any remaining proceeds to pay down its credit facility and for other general corporate purposes. Such optional redemptions will be contingent upon the closing of the Company’s Series E Preferred Stock offering. The offering is being conducted as a public offering under the Company’s effective shelf registration statement (File No. 333-229209) filed with the Securities and Exchange Commission (the “SEC”). Any offer of the securities will be made exclusively by means of a prospectus supplement and accompanying prospectus. Copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, from the SEC’s website at www.sec.gov or by contacting: Stifel, Nicolaus & Company, Incorporated by calling toll-free 855-300-7136 or writing to [email protected], B. Riley FBR, Inc. by writing to [email protected], D.A. Davidson & Co. by writing to [email protected] or calling 1-800-332...

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