Gladstone Commercial Upsizes Stock Issue

Gladstone Commercial (NASDAQ: GOOD  ) is tapping the markets for a round of fresh financing. The real estate investment trust has upsized its latest common stock issue, increasing it to 1.32 million shares from the previously planned 1.10 million. The price of the underwritten public flotation is $18.82 per share. Additionally, the offering's underwriters have been granted a 30-day purchase option for up to an additional 198,000 shares to cover overallotments, if any.

Gladstone Commercial said it plans to use the estimated $23.5 million net proceeds of the issue to fund pending and potential acquisitions, retire debt, and for "general corporate purposes."

Janney Montgomery Scott is the sole book-running manager of the issue, which is expected to close on or about June 24.

Currently, Gladstone Commercial has around 11.4 million shares outstanding. Its stock trades at $18.63 per share.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2499294, ~/Articles/ArticleHandler.aspx, 9/17/2014 5:52:57 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement