<SEC-DOCUMENT>0001193125-21-053269.txt : 20210224
<SEC-HEADER>0001193125-21-053269.hdr.sgml : 20210224
<ACCEPTANCE-DATETIME>20210224060559
ACCESSION NUMBER:		0001193125-21-053269
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210224
DATE AS OF CHANGE:		20210224

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLADSTONE INVESTMENT CORPORATION\DE
		CENTRAL INDEX KEY:			0001321741
		IRS NUMBER:				830423116
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-232124
		FILM NUMBER:		21668376

	BUSINESS ADDRESS:	
		STREET 1:		1521 WESTBRANCH DRIVE
		STREET 2:		SUITE 100
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22102
		BUSINESS PHONE:		7032875800

	MAIL ADDRESS:	
		STREET 1:		1521 WESTBRANCH DRIVE
		STREET 2:		SUITE 100
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22102

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLADSTONE INVESTMENT CORPORATION\DE
		CENTRAL INDEX KEY:			0001321741
		IRS NUMBER:				830423116
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		1521 WESTBRANCH DRIVE
		STREET 2:		SUITE 100
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22102
		BUSINESS PHONE:		7032875800

	MAIL ADDRESS:	
		STREET 1:		1521 WESTBRANCH DRIVE
		STREET 2:		SUITE 100
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22102
</SEC-HEADER>
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<TYPE>FWP
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed Pursuant to Rule&nbsp;433 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Issuer&nbsp;Free Writing Prospectus&nbsp;dated February&nbsp;23, 2021 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Relating to Preliminary&nbsp;Prospectus Supplement&nbsp;dated February&nbsp;23, 2021 and </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Prospectus&nbsp;dated July&nbsp;24, 2019 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><FONT STYLE="white-space:nowrap">Registration&nbsp;No.&nbsp;333-232124</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pricing Terms </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GLADSTONE INVESTMENT CORPORATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>$111,250,000 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>5.00% Notes
Due 2026 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pricing Term Sheet </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>February&nbsp;23, 2021 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The following
sets forth the final terms of the 5.00% Notes due 2026 (the &#147;Notes&#148;) and should only be read together with the preliminary prospectus supplement, dated February&nbsp;23, 2021, together with the accompanying prospectus dated, July&nbsp;24,
2019, relating to these securities (together, the &#147;Preliminary Prospectus&#148;) and supersedes the information in the Preliminary Prospectus to the extent inconsistent with the information in the Preliminary Prospectus. In all other respects,
this pricing term sheet is qualified in its entirety by reference to the Preliminary Prospectus. Terms used herein but not defined herein shall have the respective meanings as set forth in the Preliminary Prospectus. All references to dollar amounts
are references to U.S. dollars. </I></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>Issuer:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Gladstone Investment Corporation (the &#147;Company&#148;)</TD></TR>
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<TD VALIGN="top"><B>Title of the Securities:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">5.00% Notes due 2026</TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Rating:*</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">BBB (Egan-Jones)</TD></TR>
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<TD VALIGN="top"><B>Initial&nbsp;Aggregate&nbsp;Principal&nbsp;Amount Being Offered:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$111,250,000</TD></TR>
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<TD VALIGN="top"><B>Over-Allotment Option:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Up to $16,687,500 aggregate principal amount of Notes within 30 days of the date hereof solely to cover over-allotments, if any.</TD></TR>
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<TD VALIGN="top"><B>Issue Price:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$25.00</TD></TR>
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<TD VALIGN="top"><B>Principal Payable at Maturity:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">100% of the aggregate principal amount. The outstanding principal amount of the Notes will be payable on the stated maturity date at the office of the trustee, paying agent and security registrar for the Notes or at such other
office as the Company may designate.</TD></TR>
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<TD VALIGN="top"><B>Type of Note:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fixed rate note</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Listing:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Company intends to list the Notes on the Nasdaq Global Select Market within 30 days of the original issue date under the trading symbol &#147;GAINN&#148;.</TD></TR>
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<TD VALIGN="top"><B>Stated Maturity Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">May&nbsp;1, 2026</TD></TR>
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<TD VALIGN="top"><B>Interest Rate:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">5.00% per year</TD></TR></TABLE>
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<TD VALIGN="top"><B>Underwriting Discount:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">3.00% (or $3,337,500 total assuming the over-allotment option is not exercised)</TD></TR>
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<TD VALIGN="top"><B>Net&nbsp;Proceeds&nbsp;to&nbsp;the&nbsp;Issuer,&nbsp;before Expenses:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">97% (or $107,912,500 total assuming the over-allotment option is not exercised)</TD></TR>
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<TD VALIGN="top"><B>Day Count Basis:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">360-day</FONT> year of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months</TD></TR>
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<TD VALIGN="top"><B>Trade Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">February&nbsp;23, 2021</TD></TR>
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<TD VALIGN="top"><B>Settlement Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">March&nbsp;2, 2021 (T+5)**</TD></TR>
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<TD VALIGN="top"><B>Date&nbsp;Interest&nbsp;Starts&nbsp;Accruing:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">March&nbsp;2, 2021</TD></TR>
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<TD VALIGN="top"><B>Interest Payment Dates:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Each February&nbsp;1, May&nbsp;1, August&nbsp;1 and November&nbsp;1 commencing May&nbsp;1, 2021. If an interest payment date falls on a <FONT STYLE="white-space:nowrap">non-business</FONT> day, the applicable interest payment will
be made on the next business day and no additional interest will accrue as a result of such delayed payment.</TD></TR>
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<TD VALIGN="top"><B>Interest Periods:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The initial interest period will be the period from and including March&nbsp;2, 2021, to, but excluding, the initial interest payment date, and the subsequent interest periods will be the periods from and including an interest
payment date to, but excluding, the next interest payment date or the stated maturity date, as the case may be.</TD></TR>
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<TD VALIGN="top"><B>Specified Currency:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">U.S.&nbsp;Dollars</TD></TR>
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<TD VALIGN="top"><B>Denominations:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Company will issue the Notes in denominations of $25 and integral multiples of $25 in excess thereof.</TD></TR>
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<TD VALIGN="top"><B>Business Day:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in New York City or the place of payment are authorized or required by law or executive order to close.</TD></TR>
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<TD VALIGN="top"><B>Optional Redemption:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Notes may be redeemed in whole or in part at any time or from time to time at the Company&#146;s option on or after May&nbsp;1, 2023, upon not less than 30 days nor more than 60 days written notice by mail prior to the date
fixed for redemption thereof, at a redemption price of 100% of the outstanding principal amount of the Notes to be redeemed plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to, but
not including, the date fixed for redemption.</TD></TR>
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<TD VALIGN="top"><B>CUSIP / ISIN:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">376546 800 / US3765468000</TD></TR>
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<TD VALIGN="top"><B>Use of Proceeds:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Company intends to use the net proceeds from this offering to redeem all of its 6.250% Series D Cumulative Term Preferred Stock due 2023, to repay a portion of the amount outstanding under its revolving credit facility, to fund
new investment opportunities, and for other general corporate purposes.</TD></TR>
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<TD VALIGN="top"><B>Joint Book-Running Managers:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Janney Montgomery Scott LLC, BTIG, LLC, B. Riley Securities, Inc. Ladenburg Thalmann&nbsp;&amp; Co. Inc. and Oppenheimer&nbsp;&amp; Co. Inc.</TD></TR>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Co-Manager:</FONT></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Wedbush Securities Inc.</P></TD></TR>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Trustee,&nbsp;Paying&nbsp;Agent,&nbsp;and&nbsp;Security Registrar:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">UMB Bank, National Association</P></TD></TR>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to
revision or withdrawal at any time. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">**</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Under Rule&nbsp;15c6-1&nbsp;of the Securities Exchange Act of 1934, as amended, trades in the secondary market
generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes on any date prior to the second business day before delivery thereof will be
required, by virtue of the fact that the Notes initially will settle T+5, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to trade the Notes prior to their date
of delivery hereunder should consult their own advisors. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investors are advised to carefully consider the investment objective,
risks, charges and expenses of the Company before investing.&nbsp;The Preliminary Prospectus, which has been filed with the U.S. Securities and Exchange Commission (&#147;SEC&#148;), contains this and other information about the Company and should
be read carefully before investing. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>This pricing term sheet and the Preliminary Prospectus are not offers to sell or the solicitation of offers to
buy, nor will there be any sale of the Notes referred to in this pricing term sheet, in any jurisdiction where such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such
jurisdiction. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>A shelf registration statement relating to these securities is on file with the SEC and effective. Before you invest, you should
read the prospectus in that registration statement, the Preliminary Prospectus and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may obtain these documents for free by
visiting EDGAR on the SEC Web site at<U>&nbsp;www.sec.gov</U>. Alternatively, the issuer, the underwriter or any dealer participating in the offering will arrange to send you the Preliminary Prospectus if you request it from&nbsp;Janney Montgomery
Scott LLC, 1717 Arch Street, Philadelphia, PA 19103 by writing to prospectus@janney.com or calling <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">215-665-4450.</FONT></FONT> </B></P>
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