As noted yesterday Gladstone Investment (NASDAQ:GAIN), a business development company has priced a new term preferred with a coupon of 6.375% with a mandatory redemption in 2025.
Additionally they have announced the calls on the 6.75% and 6.50% term preferred issues which are currently outstanding.
The new issue will be cumulative and pay monthly dividends–being a BDC the dividends will not be qualified.
We will be purchasing this new issue to replace the redeemed issues.
The new issue will trade on the OTC Grey market as soon as today under the ticker GLDZP.