BB&T Capital Markets Serves as a Co-Manager on Gladstone Capital Corporation’s Preferred Stock Offering
BB&T Capital Markets’ Financial Services Group, serving as a co-manager, completed a preferred stock offering for Gladstone Capital Corporation in the third quarter of 2017. The underwriters helped to raise $51,800,000 in gross proceeds for our client. The preferred stock is anticipated to trade under the symbol GLADN, will pay an annual dividend rate of 6.000%, and mature in 2024.
GLAD intends to use the net proceeds from this transaction to redeem its outstanding 6.750% term preferred stock due in 2021. Total gross proceeds includes the exercise of the underwriter’s 30-day over-allotment option.
About the Companies
Gladstone Capital Corporation is a publicly traded business development company that invests in debt and equity securities consisting primarily of secured first and second lien term loans to lower middle market businesses in the United States.
BB&T Capital Markets Financial Services Group has extensive experience providing community banks and thrifts, business development companies, and other specialty finance companies with a full range of public and private capital raising solutions, M&A advisory, fairness opinions and other strategic advisory services.
About BB&T Capital Markets
BB&T Capital Markets offers an integrated platform of equity and debt underwriting, M&A advisory, corporate banking, and sales and trading. Headquartered in Richmond, VA, with offices throughout the US, we have specific expertise within 10 distinct industry verticals including Automotive Aftermarket; Commercial & Industrial; Education; Energy; Financial Services; Food & Agribusiness; Healthcare; Logistics & Transportation Services; Real Estate; and Retail & Consumer. Our commitment to industry expertise, combined with our resources as one of the nation's strongest financial institutions, strategically positions BB&T Capital Markets to build lasting relationships and contribute measurably to the long-term success of our clients.