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MCLEAN, VA / ACCESSWIRE / June 21, 2021 / Gladstone Commercial Corporation (NASDAQ:GOOD) (the "Company") today announced that it plans to sell shares of its newly designated Series G Cumulative Redeemable Preferred Stock (the "Series G Preferred Stock") in an underwritten public offering. The public offering price and other terms are to be determined by negotiations between the Company and the underwriters. The Company also plans to grant the underwriters a 30-day option to purchase additional shares of Series G Preferred Stock on the same terms and conditions.
Stifel, Goldman Sachs & Co. LLC, B. Riley Securities and Baird are acting as joint book-running managers of the offering, and Janney Montgomery Scott LLC, Ladenburg Thalmann, Colliers Securities and Wedbush Securities are serving as co-managers of the offering.
The Company intends to use the net proceeds from this offering to optionally redeem all outstanding shares of its 7.00% Series D Cumulative Redeemable Preferred Stock (the "Series D Preferred Stock"), with any remaining proceeds to repay a portion of the indebtedness outstanding under the Company's credit facility and for other general corporate purposes. Such optional redemption will be contingent upon the Company having sufficient liquidity to complete such redemption.