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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Gladstone Investment Corporation | NASDAQ:GAIN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.01 | -0.08% | 13.12 | 13.05 | 13.29 | 13.25 | 13.03 | 13.15 | 65,748 | 22:00:00 |
Company Overview
Gladstone Investment Corporation (GAIN, we or the Company) was incorporated under the General Corporation Law of the State of Delaware on February 18, 2005. On June 22, 2005, we completed our initial public offering and commenced operations. We operate as an externally managed, closed-end, non-diversified management investment company and have elected to be treated as a Business Development Company (BDC) under the Investment Company Act of 1940, as amended.
We were established for the purpose of investing in debt and equity securities of established private businesses operating in the United States (U.S.). Our investment objectives are to: (i) achieve and grow current income by investing in debt securities of established businesses that we believe will provide stable earnings and cash flow to pay expenses, make principal and interest payments on our outstanding indebtedness and make distributions to stockholders that grow over time; and (ii) provide our stockholders with long-term capital appreciation in the value of our assets by investing in equity securities, generally in combination with the aforementioned debt securities, of established businesses that we believe can grow over time to permit us to sell our equity investments for capital gains. To achieve our objectives, our investment strategy is to invest in several categories of debt and equity securities, with individual investments generally totaling up to $30 million, although investment size may vary, depending upon our total assets or available capital at the time of investment. We expect that our investment portfolio over time will consist of approximately 75.0% in debt securities and 25.0% in equity securities, at cost.
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GAINs Investment Focus and Process
We focus on investing in U.S.-based lower middle market private businesses (which we generally define as private companies with annual EBITDA (earnings before interest, taxes, depreciation, and amortization) of $3 million to $20 million) that meet certain criteria, including the following: the sustainability of the business free cash flow and its ability to grow it over time, adequate assets for loan collateral, experienced management teams with a significant ownership interest in the portfolio company, reasonable capitalization of the portfolio company, including an ample equity contribution or cushion based on prevailing enterprise valuation multiples, and the potential to realize appreciation and gain liquidity in our equity position, if any. We anticipate that liquidity in our equity position will be achieved through a merger, acquisition, or recapitalization of the portfolio company, a public offering of the portfolio companys stock or, to a lesser extent, by exercising our right to require the portfolio company to repurchase our warrants, as applicable, though there can be no assurance that we will always have these rights. We invest in portfolio companies that need funds for growth capital, to finance acquisitions, including management buyouts, recapitalize or, to a lesser extent, refinance their existing debt facilities. We seek to avoid investing in high-risk, early-stage enterprises.
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More About Gladstone Investment
Gladstone Investment is an established BDC that completed its initial public offering of common stock in 2005 (Nasdaq: GAIN). As of March 31, 2020, we had investments in 28 portfolio companies located in 17 states across 14 different industries, and our portfolio had an aggregate fair value in excess of $565 million, allocated 76% to debt securities and 24% to equity securities, at fair value.
As of March 31, 2020
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Offering Summary
Our 6.00% Notes (due 2040) (the Notes) offering is designed with the goal of potentially providing investors with steady income. There can be no assurance that we will achieve this objective.
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NOTES: 6.00 % Notes (due 2040) |
The Notes will be direct unsecured obligations and will rank pari passu, or equal in right of payment, with our existing and future unsecured, unsubordinated indebtedness; senior to any series of preferred stock currently outstanding or that we may issue in the future; senior to any of our future indebtedness that expressly provides it is subordinated to the Notes; effectively subordinated to all our existing and future secured indebtedness (including indebtedness that is initially unsecured to which we subsequently grant security), to the extent of the value of the assets securing such indebtedness; and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries and any of our future subsidiaries, including borrowings under the Companys bank credit facility.
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PURCHASE PRICE & INTEREST RATE: $25.00 per Note. 6.00% annualized interest |
We will issue the Notes in denominations of $25 and integral multiples of $25 in excess thereof. Minimum initial investment of $5,000. No minimum for qualified retirement accounts. The interest rate of the Notes is 6.00% per year and will be paid on the first day of each month, commencing on the first day of the month following the issuance of such Note. The regular record dates for interest payments will be the 15th day of the month immediately preceding the relevant interest payment date. Interest on the Notes will be computed on the basis of a 360-day year composed of twelve 30-day months.
There is no guarantee of capital preservation or continuous interest.
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SIZE : $350, 000,000 |
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OFFERING TERMINATION: Earlier of June 1, 2025 or until all Notes sold in primary offering |
Gladstone Investment, through its affiliated broker-dealer Gladstone Securities, LLC, the dealer manager for the offering (the Dealer Manager), will pay all commissions and expenses associated with the sale of the Notes. Noteholders pay no sales charges to Gladstone Investment or the Dealer Manager in connection with the offering.
INVESTMENT FEATURES
Note: Data on Gladstone Investment as of 3/31/2020
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Timbrel Capital, LLC (Timbrel) is acting as National Accounts Manager on this offering,
and is a third party not affiliated with Gladstone Securities LLC or Gladstone Investment Corporation.
Notes offered through the Dealer Manager, Gladstone Securities, LLC, Member FINRA/SIPC.
Timbrel is a registered broker-dealer, Member FINRA/SIPC.
Gladstone Investment Corporation has filed a registration statement (including a prospectus) and a prospectus supplement with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement, the prospectus supplement, and other documents that the Company has filed with the SEC for more complete information about the Company or this offering. You may access these documents for free by visiting EDGAR on the SECs website at www.SEC.gov. Alternatively, the Dealer Manager for this offering, Gladstone Securities, LLC, will arrange to mail you the prospectus and prospectus supplement if you request one by calling toll-free at (833) 849-5993.
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