Gladstone Commercial Upsizes Stock Issue
Gladstone Commercial 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.
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