Gladstone Investment’s 2021 notes offering designed to redeem a term preferred
2021-08What Happened
GAIN announced a public notes offering in 2021 and said proceeds would be used, in part, to redeem its 6.375% Series E Cumulative Term Preferred due 2025. It was an early example of the same core instinct: swap out legacy capital when the balance sheet allows it.
Outcome
GAIN added a new debt instrument while preparing to take out an older, costlier layer.
It normalized a pattern of active liability management across cycles.
Why It's Relevant Today
GAINL’s redemption fits a long-running house style: refinance, simplify, and protect distributable income.
