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Gladstone Commercial Prices New Stock Offering

By Eric Volkman - Apr 24, 2013 at 5:04PM

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The REIT aims to raise nearly $20 million from the flotation.

Gladstone Commercial  (GOOD 1.77%) has put a price tag on its upcoming public share offering. The company plans to float 1.1 million shares of its common stock for $18.90 apiece. Additionally, the issue's underwriters have been granted a 30-day purchase option for up to an additional 165,000 shares.

Gladstone Commercial said it plans to use the proceeds of the issue for the acquisition of properties, debt repayment, and "general corporate purposes."

Leucadia unit Jefferies is the sole book-running manager of the issue.

The offering is expected to close on or about April 29. Gladstone Commercial anticipates that it will net proceeds of roughly $19.6 million from the flotation.

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