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GLAD > SEC Filings for GLAD > Form 8-K on 21-May-2014All Recent SEC Filings

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Item 8.01 Other Events.

Gladstone Capital Corporation (the "Company") confirmed today, May 21, 2014, that, pursuant to Section 2.5 of its Articles Supplementary and Appendix A thereto, dated as of October 31, 2011, to the Articles of Amendment and Restatement, it will voluntarily redeem all 1,539,882 outstanding shares of its 7.125% Series 2016 Term Preferred Shares, $0.001 par value per share (the "Series 2016 Term Preferred Shares"), at $25.125 per share, representing the payment of the liquidation preference and redemption premium per share, plus accrued and unpaid dividends from and including May 21, 2014, up to and excluding May 23, 2014 (the "Redemption Date") in the amount of $0.00989583 per share, for a total payment per share of $25.13489583 (the "Redemption Amount").

The Company previously announced its intention to redeem the Series 2016 Term Preferred Shares contingent upon the Company's successful completion on or prior to May 23, 2014, of a public offering of an additional series of term preferred shares resulting in net proceeds sufficient to redeem all outstanding Series 2016 Term Preferred Shares. As announced previously today, on May 20, 2014, the Company completed its offering of its 6.75% Series 2021 Term Preferred Shares, $0.001 per share (the "Series 2021 Term Preferred Shares") at a public offering price of $25.00 per share. This offering resulted in net proceeds of approximately $58.5 million, after payment of underwriting discounts, commissions and offering expenses, an amount sufficient to redeem all outstanding Series 2016 Term Preferred Shares.

The Redemption Amount per share for the Series 2016 Term Preferred Shares is due and payable on the Redemption Date. In addition, all holders of record of the Series 2016 Term Preferred Shares on May 20, 2014, the record date for the monthly distribution previously declared by the Board of Directors of the Company, will also receive a distribution in the amount of the monthly distribution, $0.1484375, paid on May 23, 2014 (rather than the previously announced payment date of May 30, 2014).

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