Key Developments For Gladstone Investment Corporation
Gladstone Investment Corporation (GAIN.O) (Nasdaq)
Gladstone Investment Corp Announces Resignation Of CFO-Form 8-K
Gladstone Investment Corp reported in its Form 8-K that on November 10, 2009, Mark Perrigo delivered to the Board of Directors of his intention to resign as Chief Financial Officer (CFO) of the Company. Mr. Perrigo’s resignation will become effective on November 20, 2009. The Company is actively recruiting a new CFO.
Gladstone Investment Corp Announces Monthly Cash Distributions For April, May and June
Gladstone Investment Corp announced that the Board of Directors declared monthly distributions of $0.04 per common share for each of the months of April, May and June of 2009.
Gladstone Investment Corp Announces Amended Credit Facility
Gladstone Investment Corp announced that, through its wholly-owned subsidiary, Gladstone Business Investment LLC, it entered into a second amended and restated credit agreement providing for a $50 million revolving line of credit arranged by Branch Banking and Trust Company as administrative agent, replacing Deutsche Bank, A.G. as administrative agent (the BB&T Facility). Key Bank, National Association also joined the BB&T Facility as a committed lender. In connection with the entering into the BB&T Facility, the Company repaid all principal and interest owing to Deutsche Bank under the prior credit agreement. The BB&T Facility may be expanded up to $125 million through the addition of other committed lenders to the facility. The BB&T Facility matures on April 14, 2010, and if the facility is not renewed or extended by this date, all principal and interest will be due and payable within one year of the maturity date on April 14, 2011. Advances under the BB&T Facility will generally bear interest at the 30 day LIBOR rate (subject to a minimum rate of 2%), plus 5% per annum, with a commitment fee of 0.75% per annum on undrawn amounts.
Gladstone Investment Corp Announces Renewal on Line of Credit
Gladstone Investment Corp announced that the Company has renewed its credit facility agreement arranged by Deutsche Bank, A.G. as administrative agent through its subsidiary Gladstone Business Investment LLC. The facility will mature on April 16, 2009 and provides Gladstone Investment with a revolving credit facility to make loans and investments in small and middle market businesses. Deutsche Bank is providing $125 million of credit and the Company is working with other lenders to increase the facility to $200 million. Advances under the credit facility will generally bear interest at the commercial paper rate plus 3.5% per annum, with a commitment fee of 0.75% per annum on the undrawn amounts.
Gladstone Investment Corp Declares Monthly Cash Dividend
Gladstone Investment Corp announced that it has declared monthly cash dividends of $0.08 per common share for each of the months of July, August and September 2008.
